Top Consumer Stocks
Consumer stocks were broadly higher, with the shares of consumer staples companies in the S&P 500 climbing 0.2% this afternoon while the shares of consumer discretionary firms in the S&P 500 were ahead more than 1.1%.
Among consumer stocks moving on news:
(+) Despegar.com (DESP) climbed almost 16% after the travel website company announced its $136 million purchase of Mexican travel agency Best Day Travel Group. Despegar.com said Best Day generated around $140 million in yearly revenue and is expecting the deal to boost its revenue by around 25% over current levels. It is expecting to close the proposed transaction during the first half of 2020, subject to regulatory approvals and other customary conditions.
In other sector news:
(+) Delphi Technologies (DLPH) raced 59% higher after the auto-parts manufacturer agreed to a $3.3 billion, all-stock buyout offer from rival BorgWarner (BWA). Under terms of the proposed transaction, investors will receive a fixed 0.4534 of a Borg Warner share for each of their Delphi shares, with Borg Warner shareholders owning 84% of the combined company.
(-) J&J Snack Foods (JJSF) slid 11% after the packaged foods company missed the Street's consensus estimate with its fiscal Q1 net income, earning $0.89 per share during the three months ended Dec. 28, down from a $0.93 per share profit during the same quarter last year and trailing the Capital IQ consensus by $0.10 per share.
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