Top Consumer Stocks
WMT +0.64%
MCD +0.29%
DIS +0.93%
CVS +0.61%
KO +1.30%
Consumer stocks were closing broadly higher today with shares of consumer staples companies in the S&P 500 posting a 1.1% advance. Shares of consumer discretionary firms in the S&P 500 were gaining about 0.6%.
In company news, shares of health and beauty products company Coty Inc ( COTY ) rallied to a new all-time high Tuesday following reports it was close to a $12 billion deal with Procter & Gamble ( PG ) for its hair and beauty products lines.
If the deal goes through, Coty would gain P&G's Gucci and Hugo Boss perfume lines as well as Wella and Clairol hair care products and Max Factor and Cover Girl make-up.
P&G last summer announced plans to sell its slower growing brands over the next two years. Coty was competing in an auction against German consumer products conglomerate Henkel AG & Co. for the hair care lines, sources told Reuters, with Estee Lauder ( EL ) among the bidders for the remaining assets.
COTY shares were up over 19% in late trade at $31.05 each, earlier climbing to a best-ever $31.29 a share. Prior to today's surge, the stock already had risen more than 52% over the past 12 months.
P&G also was higher in afternoon trade, rising about 1.4% to $79,20 a share. EL shares were up over 2% at $88.18 apiece, just a penny under their intra-day high.
In other sector news,
(+) JAKK, Authorizes $30 mln buyback of the company's common stock and convertible notes.
(-) UNFI, Reduced to Hold from Buy in a downgrade today at Argus Capital Group.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
