Consumer stocks were mixed in late trade Monday with shares of consumer staples companies in the S&P 500 slipping about 0.2%. Shares of consumer discretionary firms in the S&P 500 were up about 0.1%.
In company news, Time Warner ( TWX ) shares were higher shortly before the closing bell and the media conglomerate late Friday completing the spinoff of its magazine publishing unit in a stand-alone company.
"The spinoff of Time Inc. completes the process we began several years ago to position Time Warner as the world's leading video content company," TWX Chief Executive Jeff Bewkes said today in a statement. "The spinoff gives Time Warner even more focus as we continue to deliver on this strategy."
TWX shareholders received one shares of the new Time Inc ( TIME ) for every eight TWX shares they owned on May 23. The spinoff officially was completed a minute before midnight on June 6.
TWX was 1.2% higher at $68.94 a share, up 80 cents, earlier climbing to a session high of $69.39 a share. The stock has a 52-week range of $55.71 to $71.82 a share, adding nearly 25% in value over the past 12 months.
TIME shares were down 1.8% at $23.06 each, earlier advancing to a new high of $23.50 a share.
In other sector news,
(+) FDO, Carl Icahn discloses 9.4% active stake in new regulatory filing, with plans for management conversations. Company adopts shareholder rights program.
(-) PPC, Tyson Foods ( TSN ) submits $7.7 bln winning bid for Hillshire Brands ( HSH ), topping the Pilgrim's Pride offer by around $1 bln. TSN offered $63 a share compared with PPC's $55 a share bid. TSN shares are down 4.7% while HSH is up 5%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
