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Consumer Sector Update for 06/20/2016: FDML,IEP,YELP,HLG

Top Consumer Stocks

WMT +0.25%

MCD +1.00%

DIS +0.81%

CVS -1.27%

KO +0.79%

Consumer stocks were trading higher in Monday's market resurgence, with shares of consumer staples companies in the S&P 500 were increasing about 0.3% while shares of consumer discretionary firms in the S&P 500 were jumping out to a 1.3% advance.

In company news, Federal-Mogul ( FDML ) was rising Monday after financier Carl Icahn today raised his offer for the auto-parts company to $8.00 per share in cash from his prior bid of $7.00 per share.

Icahn, through his Icahn Enterprises ( IEP ) investment company, already owns 82% of Federal-Mogul stock and would pay around $243 million for the remaining equity stake, communicating the sweetened bid in a letter to the company's board.

Four Federal-Mogul directors not affiliated with Icahn Enterprises have been assembled to evaluate the offer and a majority of non-affiliated shareholders also will need to vote in favor of a deal before it could move forward, the company said today.

FDML shares were up slightly more than 6% at $8.62 each, previously climbing as high as $8.91 a share during Monday trade. IEP shares also were trading higher this afternoon, rising about 1.2% to $54.39 apiece, easing from a session high of $54.95 a share earlier today.

In other sector news,

(+) YELP, (+7.4%) Raised to Buy from Hold at Deutsche Bank, which also increased its price target for the company's stock by $7 to $33 a share.

(-) HLG, (-0.8%) Acquires 80% equity stake in the Xiantao No.1 middle school in China's Hubei province for RMB 224 million, or about $34.1 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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