Top Consumer Stocks
Consumer stocks – in particular, consumer staple stocks – gave up much of their sizable gains from earlier this week, with shares of consumer staples companies in the S&P 500 dropping more than 1.3% while shares of consumer discretionary firms in the S&P 500 were slipping nearly 0.3%.
In company news, e-commerce platform company Square Inc ( SQ ) fell over 2% on Friday to a session low of $23.31 following a downgrade to Neutral from Outperform by analysts at Credit Suisse today in a likely valuation move.
The analyst action follows Square last Thursday, June 8, reaching a best-ever $24.97 a share. The stock has risen 76% in value since the start of the year.
In other sector news,
(+) WFM, Agrees to $13.7 bln buyout offer from Amazon ( AMZN ), which will pay $42 in cash for each Whole Foods share, representing a 27% premium to Thursday’s closing price.
(-) CALM, Cut to Sell from Neutral at Goldman Sachs, which also lowered its investment call today for Kroger ( KR ) to Neutral from Buy in another downgrade.
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