Sector Update: Consumer Stocks Lower But Outperforming Broader Markets

Thursday, June 11, 2020 1:05 PM | MT Newswires

Consumer stocks were broadly lower, with the SPDR Consumer Staples Select Sector ETF slipping 2.6% this afternoon while the SPDR Consumer Discretionary Select Sector ETF was falling 3.9%.

In company news, ServiceMaster Global Holdings (SERV) rose about 9.5% after the home-services company earlier Thursday said it expects between $510 million to $525 million in Q2 revenue, topping the Capital IQ consensus for $476 million.

GrubHub (GRUB) rose 5% after the company said it agreed to a $7.3 billion buyout by UK delivery services rival Just Eat. Under terms of the proposed all-stock transaction, investors will receive 0.671 of a Just Eat American depository share for each GrubHub share, valuing the target company at $75.15 per share. Existing Grubhub shareholders would own about 30% of the combined companies. (JD) fell 4.4% after the Chinese e-commerce platform priced a $3.88 million global offering of 133 million class A shares at $29.16 apiece, representing a 52% discount to Wednesday's closing price. Net proceeds will be used to support supply chain-based technology initiatives, the company said.

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