Markets

Sector Update: Consumer

Consumer shares were generally higher in pre-market trade Thursday.

In consumer stocks news, Family Dollar Stores ( FDO ) rejected a $9 billion buyout offer from Dollar General ( DG ), citing antitrust concerns.

It reaffirmed its support for an $8.5 billion takeover deal from Dollar Tree ( DLTR ), made in July.

On Monday, DG offered $78.50 per share in cash for FDO, topping DLTR's July offer of $74.50 in cash and stock.

DG's CEO said in a letter late Wednesday that FDO had never given any indication in June that it was also talking to DLTR and that he had been misled. He also suggested the CEO of FDO was more concerned about having the top job at a combined company than what was best for shareholders.

And, Stein Mart ( SMRT ) reported Q2 earnings that missed the Street view on both EPS and total revenues.

The retailer reported Q2 adjusted EPS of $0.06, down from $0.10 in Q2 2013 and missing analyst estimates of $0.08 for the quarter. Total revenues of $298.15 million were up from $290.96 million in Q2 2013 but missed analyst projections of $300.80 million.

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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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