Top Consumer Stocks
Consumer stocks still were slightly lower in afternoon trade, with shares of consumer staples companies and shares of consumer discretionary firms in the S&P 500 both posting 0.3% declines, respectively.
In company news, Golden Enterprises ( GLDC ) raced to a nearly 20-year high on Tuesday after the food company accepted a $135.5 million buyout offer from Pennsylvania-based Utz Quality Foods Inc.
Under terms of the proposed acquisition offer, Utz will pay $12 in cash for each Golden Enterprises share, a 60% premium over Monday’s closing price for the company’s stock. The deal is to close before the end of 2016, subject to customary closing conditions.
GLDC shares were up more than 58% to $11.88 apiece in late afternoon trade, staying within close range of their best level since April 1997 of $11.95 a share.
In other sector news,
(+) DFBG, Completes acquisition of SWIMS AS, with the company expecting the purchase of the Scandinavian retailer of swimwear, footwear and other accessories to immediately add to its per-share earnings.
(-) NFLX, Q2 revenue rises 19.5% from last to $1.97 bln but lags the $2.11 bln consensus and upstaging EPS of $0.09 beating Street view by $0.02 per share. Projected Q3 EPS of $0.05 trails estimates by $0.03 per share.
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