Markets

Consumer Sector Update for 09/29/2015: NXST,MEG,MDP,RJET,TUES

Top Consumer Stocks

WMT -0.18%

MCD +1.20%

DIS +0.26%

CVS -1.54%

KO +0.08%

Consumer stocks were lower shortly before the closing bell, with shares of consumer staples companies in the S&P 500 slipping 0.5% while shares of consumer discretionary firms in the S&P 500 were declining 0.8%.

In company news, shares of Nexstar Broadcasting Group ( NXST ) rose Tuesday after an activist investor urged rival Media General ( MEG ) to accept Nexstar's $1.9 billion buyout offer and to drop its $2.4 billion pursuit of Meredith Corp. ( MDP ).

Starboard Value LP, which owns around 4.5% of Media General stock, described the Nexstar bid as "highly strategic," adding it believes the Meredith transaction isn't the right move because it would pull the company back into print publishing, three years after Media General sold its newspaper holdings.

NXST shares were up almost 8% in late trade at $46.90 each, easing from an earlier advance to $47.36 a share.

MEG also was higher today, rising nearly 2% to $13.88 a share, while MDP was down about 0.4% at $43.28 a share.

In other sector news,

(+) RJET, Raised to Buy from Hold at Deutsche Bank, which also increased price target by $3 to $8 a share. Upgrade follows tentative agreement yesterday by the company with pilot's union.

(-) TUES, CEO Michael Rouleau retires, effective immediately. Also gives up board seat. Panel led by Board Chairman Steven Becker will oversee operations until a permanent chief executive is hired.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

NXST MDP

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More