Sector Update: Consumer Stocks Higher in Late Afternoon Trading

MT Newswires Live03-17

Consumer stocks were rising late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) gaining 1.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.5%.

In corporate news, Guess? (GES) shares surged past 31% after the company said it received a non-binding going-private proposal from WHP Global's WHP Investments to buy all outstanding shares for $13 per share in cash.

American Eagle Outfitters (AEO) shares jumped 9.5% after it entered into an accelerated share repurchase agreement with Bank of America (BAC) to buy back $200 million of its common stock.

Alibaba's (BABA) AliExpress said Monday it has launched its new AliExpressLocal Marketplace model and advanced integration tools in the US. Alibaba shares popped 4.7%.

PepsiCo (PEP) announced plans on Monday to buy prebiotic soda brand Poppi for $1.95 billion as the beverage and snacks giant looks to expand its portfolio to include health-focused products. PepsiCo shares rose 1.9%.

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