PARA

Consumer Sector Update for 05/14/2024: PARA, SONY, APO, NKE, ONON, AGS

Consumer stocks were mixed late Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.5%.

In economic news, Redbook US same-store sales in the week ended May 11 rose 6.3% from a year earlier after a 6% increase in the previous week.

In corporate news, the Sony (SONY) and Apollo (APO) bid to buy Paramount (PARA) is dimming, and Sony has started to reconsider its bid, CNBC reported Tuesday, citing people close to the situation. Paramount shares fell 5.4%, Sony jumped 6.3% and Apollo added 0.8%.

Nike (NKE) unit Converse confirmed to MT Newswires Tuesday that it is letting go of some staff as part of a broader cost-saving plan by its parent. Nike shares were rising 0.3%.

On (ONON) shares jumped nearly 18% as the company topped Q1 expectations amid strong direct-to-consumer growth while reiterating its full-year constant currency sales growth guidance.

PlayAGS (AGS) investor Emmett Investment Management said Tuesday that it intends to vote against what it called was the company's "inadequate" proposed take-private deal with Brightstar Capital Partners. PlayAGS shares rose 0.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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