Credit: Shutterstock photoTop Consumer Stocks
WMT -0.23%
MCD +0.04%
DIS +2.8%
CVS -1.0%
KO +0.25%
Consumer stocks were mixed in afternoon trading, with shares of consumer staples companies in the S&P 500 dropping about 0.1% while shares of consumer discretionary firms in the S&P 500 were posting a nearly 0.5% advance.
In industry news:
As expected, The Walt Disney Company ( DIS ) Thursday announced the $52.4 billion purchase of 21st Century Fox's ( FOX ) film and television studios, along with much of its cable and international TV businesses. Under terms of the all-stock transaction, Fox shareholders will receive 0.2745 of a Disney share for each share they now own. Disney also will assume around $13.7 billion of Fox debt, boosting the total transaction above $66 billion. Fox is keeping its local broadcast properties, cable news and business channels and its regional sports networks.
Elsewhere, retail and food-services sales rose 0.8% during November, the government said Thursday, topping the upwardly revised 0.5% increase the prior month and beating the Econoday consensus looking for a 0.3% gain. Excluding cars and parts, sales grew 1.0% last month, also exceeding expectations for a 0.7% rise.
Among consumer stocks moving on news:
+ Vuzix Corp ( VUZI ) stumbled over 17%, sinking to a session low of $5.60 a share, after the consumer electronics company priced a $12.5 million direct offering of nearly 2.07 million shares of common stock to existing institutional investors at $6.05 apiece, a 10.3% discount to Wednesday's closing price. The company also issued three-year warrants to buy up to 1.03 million additional shares, exercisable at $7.00 a share starting six months from now. Net proceeds will help fund the upcoming launch of the company's Blade smart glasses in early 2018 and for other general company purposes.
In other sector news,
+ Sinclar Broadcast Group ( SBGI ) received a boost from Jefferies & Co. after the research shop Thursday began analyst analyst coverage of the company with a Buy stock rating and a $47 price target.
+ Consumer advisors ICF International ( ICFI ) acquired London-based Future Customer, a loyalty strategy boutique and marketing company. Financial terms of the transaction - expected to close before the end of the year - were not disclosed.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
