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Consumer Sectors Mixed; Staples Down Slightly After $74 Mln Acquisition of Printing Software Firm

Top Consumer Stocks

WMT -0.49%

MCD -0.22%

DIS +0.98%

CVS +1.91%

KO -0.34%

Consumer stocks were little changed Monday afternoon, with shares of consumer staples companies in the S&P 500 down about 0.1%. Shares of consumer discretionary firms in the S&P 500 were ahead less than 0.1%.

In company news, Staples Inc. ( SPLS ) shares retreated Monday after the office supply retailer announced a deal to acquire PNI Digital Media (PN.TO) for around C$73.9 million in cash.

Under terms of the deal, SPLS will pay C$1.70 for each PN.TO share, a 31.8% premium over the printing software company's closing share price on Friday. The deal will require PN.TO shareholder approval, with a special meeting of shareholders tentatively slated for July 8.

SPLS shares were down 0.4% at $12.47 each in recent trade, sliding as low as $12.39 a share during Monday's session. The stock has a 52-week range of $11.04 to $17.30 a share, slipping 3.4% over the past 12 months.

PN.TO shares were up 31.8% at C$1.70 each in mid-day Monday trade at the Toronto Stock Exchange.

In other sector news,

(+) SYY, (+2.2%) Reports adjusted Q3 EPS of $0.38 per share, trailing Street view by $0.01 per share. Revenue rises 3.2% year over year to $11.28 bln, roughly in-line with the $11.37 bln consensus

(-) TGT (-3.2%) CEO and board chairman Gregg Steinhafel resigns, deciding "now is the right time for new leadership." Chief Financial Officer John Mulligan will serve as interim CEO during the search process.

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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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