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.com (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.

Share this article:

Related Companies

Upgrade to Premium and Analyze Stocks Like a Pro

50% Off All Subscriptions
InvestorsObserver Premium
InvestorsObserver Premium
InvestorsObserver Premium
Save up to 65% with annual

InvestorsObserver Premium

$ 20.75 $ 10.38 /month
$249 $124.50 billed annually

You May Also Like

Related Articles

Middle East Stocks Mostly Rise, Saudi Shares Boosted by Oil Outlook

European ADRs Edge Lower in Monday Trading

TSX up 75 Points With Energy, Healthcare, The Biggest Gainers

Asian ADRs Move Higher in Monday Trading

Sector Update: Energy Stocks Trade Higher Premarket Monday

Related Companies