Sector Update: Consumer Stocks Decline Late Afternoon
Consumer stocks were lower late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 2%.In corporate news, the United Auto Workers has called a strike at a Michigan factory owned by Dauch (DCH), a supplier of axles and driveline components for General Motors (GM) pickup trucks. GM shares were down 0.5%, and Dauch fell nearly 5%.MGM Resorts International (MGM) shares jumped past 16% after the firm confirmed that it received an offer from People Inc. (IAC) to acquire all MGM shares that it does not already own for $48.30 per share in cash.Taylor Morrison Home (TMHC) shares surged 22% after the homebuilder agreed to be acquired and taken private by conglomerate Berkshire Hathaway (BRK.A, BRK.B) in an all-cash deal with an equity value of about $6.8 billion.Winnebago Industries (WGO) shares fell 2% after Northcoast downgraded the stock to neutral from buy.
