Consumer stocks are mostly higher today with shares of consumer staple companies in the S&P 500 gaining 0.8% while shares of consumer discretionary stocks in the S&P are now up just 0.3%.
In company news, Saga Communications ( SGA ) is down about 4% at $44.24 a share, maintaining some distance from its intra-day low that followed the broadcaster saying it expects Q3 gross revenue will be flat to up 2% compared to the quarter last year.
SGA also said the compensation committee of its Board of Directors approved making a total of 562,869 shares of its common stock available for distribution under is 2005 Incentive Compensation Plan and extending its authorization to make stock grants through Sept. 6, 2018.
In other sector news,
(+) BZ, Accepts $2-bln buyout by Packaging Corp. of America ( PKG ), including $714 mln in BZ debt. BZ shareholders will receive $12.55 for each of their shares in cash. PKG shares also is higher today.
(+) BZH, Proposes $200-mln offering in senior notes due 2021, with plans to use net proceeds for general corporate purposes, including potential land acquisitions.
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