Top Consumer Stocks
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.
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