Top Consumer Stocks
Consumer stocks continued to diverge this afternoon, with shares of consumer staples companies in the S&P 500 slipping almost 0.6% in late trade while shares of consumer discretionary firms in the S&P 500 were climbing over 0.7%.
Among consumer stocks moving on news:
(+) Tempur Sealy International (TPX) still was hanging on to a fractional gain this afternoon, drifting off a more than 7% morning advance that followed the mattress company announcing new or expanded supply agreements with retailers Mattress Firm, Big Lots (LOTS) and Beter Bed it expects to add over $400 million in net sales on an annual run rate basis. The deal with Mattress Firm returns Tempur-Pedic, Sterns & Foster, and Sealy brand products to the 2,500-store chain following a three-year break that included Mattress Firm reorganizing under Chapter 11 bankruptcy protection in 2016.
In other sector news:
(+) News Corp (NWS,NWSA) was 5% higher after Tuesday saying it has begun a strategic review of its News America Marketing business, including a potential sale of the proprietary database of shoppers and purchase data from more than 60,000 stores throughout the United States and Canada.
(+) Nexstar Media Group (NXST) rose 1.5% after the television broadcaster disclosed plans by a subsidiary for a private placement of up to $1.12 billion of senior notes due 2027. Net proceeds will be used to fund a portion of its proposed acquisition of Tribune Media Company (TRCO).
(+) Amazon (AMZN) climbed 1% on Tuesday following a TechCrunch report that its Twitch streaming video platform acquired the Bebo social networking site for $25 million in a bid to boost its e-sports offerings. According to technology website TechCrunch, Twitch beat out one other bidder, Discord, which organizes e-sports tournaments for streamers.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.