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Consumer Sector Update for 07/14/2017: USFD,ULTA,REED

July 14, 2017
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Consumer stocks were broadly higher this afternoon, with shares of consumer staples companies in the S&P 500 adding about 0.4%, backing down from earlier highs, while shares of consumer discretionary firms in the S&P 500 reversed morning declines to trade almost 0.4% higher this afternoon.

In company news, US Foods Holding Company ( USFD ) held a small advance late in Friday trading after the foodservice distributor this afternoon announced its purchase of The Thompson Company and two other broadline distributors from privately held TOBA Inc.

Terms of the transaction were not disclosed. The deal also included Braunger Foods and Variety Foods, which together with The Thompson Company generated over $130 million in combined annual sales.

All three of the acquired companies serve independent restaurant, school, grocery and convenience store customers in seven Midwestern states. US Food also said it is expecting to retain all 250 employees at the companies. The deal is slated to close by the end of the month.

In other sector news,

(+) ULTA, Added to Conviction Buy List in an upgrade from Neutral at Goldman Sachs.

(-) REED, Raptor/Harbor Reeds SPV and three other investor exercise re-priced warrants to buy more than 1.9 mln shares of the company’s common stock at $1.50 apiece, producing around $1.6 mln in new funding. Also issues more warrants to buy up to 600,000 additional shares.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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