Top Consumer Stocks
Consumer stocks were broadly lower today, with shares of consumer staples companies in the S&P 500 slipping just 0.4% this afternoon while shares of consumer discretionary firms in the S&P 500 were slumping over 2.1%.
In company news, ConAgra ( CAG ) was narrowly higher Monday, with shares of the food processor and distributor trading in relatively tight range either side of its break-even mark and reversing a deeper decline earlier today after saying its joint venture with a Dutch company has formed a new partnership targeting the Russian market.
The newly created partnership by Russia's Belaya Dacha and an existing joint venture between ConAgra's Lamb Weston unit and Netherlands-based Mejer Frozen Food will invest in a new french fry manufacturing facility in Lipetsk, a special economic zone situated 280 miles south of Moscow. Construction is planned to begin mid-2016, with production starting in early 2018.
CAG shares were up 0.2% shortly before today's closing bell at $47.05 climbing above $47.00 a share several times this afternoon after rebounding from a mid-morning drop to $46.39 a share.
In other sector news,
(+) SKUL, Receives unsolicited $6.05 per share bid from Mill Road Capital, exceeding a prior buyout offer from Incipio last week for $5.75 per share in cash, or about $177 mln - a 5.2% premium above the prior buyout offer.
(-) MAN, Credit Suisse downgrade to Neutral from Outperform while Avondale also reduces its investment rating for the stock to Market Perform from Market Outperform.
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