Consumer Sector Update for 09/28/2015: WFM,MEG,CSTE
Top Consumer Stocks
Consumer stocks were retreating in Monday trade, with shares of consumer staples companies in the S&P 500 sliding nearly 1.7% while shares of consumer discretionary firms in the S&P 500 were falling just under 3.0%.
In company news, shares of Whole Foods Market ( WFM ) declined Monday after the grocery store chain announced plans to trim its workforce by around 1.6%, or about 1,500 workers.
The company linked the upcoming job cuts to its efforts to keep customer prices low as well as freeing up additional money for technology upgrades and improving its cost structure. The layoffs are slated to occur over the next eight weeks, it said, adding that many of the reductions are expected to come through natural attrition.
WFM shares were down slightly more than 1% at $30.75 each, giving back a small mid-day gain and again nearing its session low at $30.69 a share.
In other sector news,
(+) MEG, Nexstar launches $4.1 bln hostile bid, offering $14.50 per share in cash.
(-) CSTE, Two independent directors Friday resign from board; company reduces the number of board seats to nine from 11 to remain within Nasdaq rules requiring at least half of board members be non-affiliated with company.
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