Top Consumer Stocks
Consumer stocks were mostly higher today, with shares of consumer staples companies (^IXR) in the S&P 500 adding around 0.8% while shares of consumer discretionary firms in the S&P 500 (^IXY) were rising around 0.6%.
In company news, Golden Entertainment ( GDEN ) shares were just lower this afternoon, reversing initial gains that followed the casino company company today buying 1,000 gaming devices and other distributed gaming assets for around $20 million in stock and cash.
Under terms of the deal, Golden will pay about $19.5 million in cash as well as issuing 50,000 of its shares, saying it will fund the cash portion of the acquisition through cash on hand and borrowing from its revolving credit facility. It also said the transaction should immediately add to its per-share earnings after it closes during the first three months of 2016.
GDEN shares were lower at $9.57, dropping from a high of $9.75.
In other sector news,
(+) ANF, Names former Hollister President Fran Horowitz to newly created chief merchandising officer position, effective immediately. Also says Abercrombie & Fitch brand president Christos Angelides has left the company after 14 months in post.
(-) CMG, Reduced to Neutral from Overweight at JP Morgan, which also cut its price target for the company's stock by $75 to $555 a share.
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.