Markets

Consumer Sector Update for 06/17/2019: BYND,BID,GRUB,DNKN

Top Consumer Stocks

WMT -0.06%

MCD -0.68%

DIS -0.65%

CVS +0.13%

KO -1.23%

Consumer stocks were straddling either side of their Monday starting marks, with shares of consumer staples companies in the S&P 500 falling 0.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead 0.3%.

Among consumer stocks moving on news:

(+) Beyond Meat (BYND) rose over 12% after Bloomberg reported Friday a shortages of rival Impossible Foods' meat-free patties at several restaurant chains just as Impossible Foods has been expanding nation-wide at Restaurant Brands International's (QSR) Burger King outlets. The news service said it found only two locations each for Red Robin (RRGB) and White Castle selling the company's patties with no consensus on when those supplies will be replenished.

In other sector news:

(+) Sotheby's (BID) raced more than 58% higher after the auction house agreed to $3.7 billion buyout offer from privately held BidFair USA, which is offering $57 in cash for each Sotheby share and representing a 61% premium to Friday's closing price. BidFair is wholly owned by media and telecom entrepreneur Patrick Drahi.

(+) Grubhub (GRUB) climbed over 3% after Dunkin' Brands Group (DNKN) Monday said it was teaming up with the restaurant pick-up and delivery firm for its new Dunkin' Delivers service, starting with over 400 Dunkin' locations in New York City. Additional markets plan to be added in coming months.

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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BYND GRUB DNKN

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