Top Consumer Stocks
Consumer stocks were mostly higher, with shares of consumer staples companies in the S&P 500 climbing 1.0% Monday afternoon while shares of consumer discretionary firms in the S&P 500 were ahead more than 1.5%.
Among consumer stocks moving on news:
(+) Aramark (ARMK) rose 8.1% after saying it "welcomes open communication and constructive dialogue" with shareholders after activist investor Mantle Ridge late Friday said its managing partner Paul Hilal plans to soon meet with executives and board members to discuss potential changes at the food service company. Mantle Ridge also disclosed paying $75.3 million for nearly 2.4 million Aramark shares and can acquire up to 21.7 million more shares by settling additional forward contracts valued at $278.4 million, providing the hedge fund with 9.8% of Aramark's outstanding stock.
In other sector news:
(+) Empire Resorts (NYNY) climbed 15% after the casino and race track operator agreed to a buyout offer from Kien Huat Realty III Ltd and Genting Malaysia Berhad. Under terms of the proposed acquisition, Empire investors will receive $9.74 in cash for each of their shares, representing a nearly 15% premium over Friday's closing price.
(+) Estee Lauder (EL) was ahead 12% after reporting fiscal Q4 net income and sales exceeding Wall Street expectations and also guided Q1 and FY20 financial results topping analyst estimates. The cosmetics company earned $0.70 per share during the three months ended June 30 on $3.59 billion in net sales, beating the Capital IQ consensus by $0.16 per share and $60 million, respectively.
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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