Top Consumer Stocks
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.
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