Top Consumer Stocks
Consumer stocks were moderately higher today, with shares of consumer staples companies in the S&P 500 posting a 0.6% gain while shares of consumer discretionary firms in the S&P 500 were increasing 0.5%.
In company news, Farmer Brothers Co. ( FARM ) was slightly higher in late trade after the coffee roasting company sent a letter to shareholders expressing confidence in its three board nominees and restating its opposition to the board slate put forward by the Waite Group.
According to the company, the opposition slate presents a genuine risk to Farmer Bros and shareholder investments because their election "would effectively lead to a change of control of the board" and result in the removal of the current management team.
FARM shares were up about 0.3% at $34.80 a share just before the closing bell following a prior advance to $35.35 a share.
In other sector news,
(+) HW, Agrees to $2.6 bln acquisition offer from Boral Ltd, with the Australian building supplies company paying $24.25 in cash for each HW share, a 20.8% premium over Friday's closing price.
(-) TSN, Fiscal Q4 EPS of $0.96 misses by $0.20 per share. Revenue falls 12.8% to $9.16 bln, trailing Street view by $250 mln. Raises quarterly dividend by 50% to $0.225 per share. Names company president Tom Hayes to replace CEO Donnie Smith, effective Dec. 31.
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