Top Consumer Stocks
Consumer stocks were slightly higher this afternoon, with shares of consumer staples companies in the S&P 500 climbing about 0.3% while shares of consumer discretionary firms in the S&P 500 were up almost 0.1%.
In company news, shares of Newell Rubbermaid ( NWL ) were declining Monday after the kitchenwares company today announced a $16 billion buyout of appliance-maker Jarden Corp. ( JAH ) for $60.00 a share in cash and stock, a nearly 14% premium over the closing price for the company's stock on Friday.
The deal has Jarden shareholders receiving $21 in cash and 0.862 of a Newell share for each Jarden share they now own. Newell said it expects the transaction will immediately boost profits, expecting "strong double-digit" earnings growth after trimming about $500 million in annual spending for the combined companies.
NWL shares were down nearly 10% at $40.81 each, earlier sinking to a session low of $40.12 a share. JAH shares were hanging on to a small gain at $53.16 apiece, up about 1%, retreating from a morning jump to $55.45 a share soon after today's opening bell.
In other sector news,
(+) BNED, (+3.5%) Authorizes $50 mln stock buyback plan.
(-) GPRO, (-13.9%) Reduced to Underweight from Equal Weight at Morgan Stanley, which also cut its price target for the company's stock by $10 to $12 a share.
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