Top Consumer Stocks
Consumer stocks were lower on Tuesday, with shares of consumer staples companies in the S&P 500 slipping 0.2% this afternoon while shares of consumer discretionary firms in the S&P 500 were down 0.6%.
Among consumer stocks moving on news:
(+) Gol Linhas Aereas Inteligentes SA (GOL) rose 8% after Reuters reported that an American hedge fund moved to oppose the proposed $145 million sale of routes operated by troubled carrier Avianca Brasil to rival Azul SA (AZUL) and instead go with its original plan to sell those routes to Gol and LATAM Airlines Group (LTM) for $70 million. Elliott Management is Avianca's largest creditor with roughly $490 million in claims and is asking a Brazilian court to dismiss Azul's bid, Reuters reported late Monday. Azul shares were 6.7% higher.
In other sector news:
(+) Monro (MNRO) advanced 4% on Tuesday after declaring a 10% increase in its quarterly dividend to $0.22 per share. The auto-repair chain also said it was expanding its collaboration with Amazon.com (AMZN), providing tire installation services at more than 400 additional Monro retail tire and automotive service locations throughout the United States and more than doubling the number of its service locations.
(-) Kohl's (KSS) dropped nearly 9% after the department store chain reported non-GAAP fiscal Q1 net income of $0.61 per share, down from a $0.64 per share adjusted profit during the year-ago period and missing the Capital IQ consensus by $0.06 per share. Net sales for the three months ended May 4 also lagged analyst estimates and the company cut its FY20 earnings outlook, explaining it was "planning the year more conservatively."
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