Consumer Sector Update for 06/17/2019: SFLY,BYND,BID,GRUB,DNKN
Top Consumer Stocks
Consumer stocks continue to straddle either side of their Monday starting marks, with shares of consumer staples companies in the S&P 500 falling just over 0.3% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead almost 0.1%.
Among consumer stocks moving on news:
(-) Shutterfly (SFLY) was little changed just before Monday's closing bell, overcoming a fractional decline this morning, that followed Aegis Capital cutting its investment rating for the personalized consumer products company to hold from buy.
In other sector news:
(+) Sotheby's (BID) raced almost 59% 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.
(+) Beyond Meat (BYND) rose over 11% after Bloomberg reported Friday a shortage 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.
(+) Grubhub (GRUB) climbed 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 the coming months.
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