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Cadence Design Systems to join S&P 500
Cadence Design Systems Inc. will join the S&P 500 index before the market opens on Sept. 18, according to S&P Dow Jones Indices late Friday. San Jose, Calif.-based Cadence, which makes chip-design software, will replace Staples Inc. [s; spls] on the index. Shares of Cadence declined 0.6% to $38 after hours. In late June, Staples agreed to be acquired by private-equity firm Sycamore Partners for $6.9 billion.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Coca-Cola European Partners affirms FY 2017 guidance
* coca-Cola European Partners to present at barclays global
consumer staples conference, affirms full-year 2017 guidance
Amazon Plans to Lower Some Prices at Whole Foods
Amazon said that starting Monday, Whole Foods will offer lower prices on a “selection of best-selling staples across its stores, with much more to come.”
Dow, S&P 500 end lower as grocers get whacked
U.S.stock-market indexes closed slightly lower Thursday, after spending most of the session without clear direction, as investors focused on a symposium of central bankers in Jackson Hole, Wyo. The S&P 500 closed 5.07 points, or 0.2%, lower at 2,438.97, with consumer-staples shares leading the decline. The sector fell 1.3%. Kroger Co. dropped 8%, while Costco Wholesale Corp declined 5%, after Amazon.com Inc. announced late afternoon that its merger with Whole Foods Market Inc. would be completed as early as Monday and that the organic supermarket chain would offer discounts on items, rattling rival grocers.
The Nasdaq Composite index closed 7.08 points, or 0.1% lower, at 6,271.33. The Dow Jones Industrial Average lost 28.69 points, or 0.1%, to 21,783.40. Among other individual performers on Wall Street, J.M. Smucker Co. shares tumbled 9.5% as the foods producer lowered its full-year outlook and its first-quarter earnings missed estimates. The Jackson Hole gathering will feature speeches from European Central Bank President Mario Draghi and Federal Reserve Chairwoman Janet Yellen. Separately, insurer shares took it on the chin as Tropical storm Harvey, headed toward the Gulf Coast, was upgraded to a hurricane, which could increase to a Category 3 storm. Travelers Cos. Inc. shares, a Dow component, was among the blue-chip's worst performers, off 1.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Stocks close lower as investor focus on Jackson Hole symposium
U.S. stock-market indexes closed slightly lower Thursday, after spending most of the session without clear direction, as investors focused on a symposium of central bankers in Jackson Hole, Wyo. The S&P 500 closed 5.07 points, or 0.2%, lower at 2,438.97 with consumer staples shares leading the losses. The sector fell 1.3%. Kroger Co. dropped 8%, while Costco Wholesale Corp declined 5%. The Nasdaq Composite index closed 7.08 points, or 0.1% lower, at 6,271.33. The Dow Jones Industrial Average lost 28.69 points, or 0.1%, to 21,783.40. Among the worst performers on Wall Street, J.M. Smucker Co. tumbled 9.5% as the foods producer lowered its full-year outlook and its first-quarter earnings missed estimates. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Stock market relinquishes early slight gains in morning trade
U.S. stocks turned negative in early trade on Thursday, giving up slight gains as declines in consumer staples and telecommunication pressured equity benchmarks. The Dow Jones Industrial Average was off 26 points, or 0.1%, at 21,788, while the S&P 500 index was trading 0.1% lower at 2,440, with its consumer-staples sector, down 0.6%, performing the worst among its 11 categories. The technology-laden Nasdaq Composite Index, meanwhile, was 0.1% lower at 6,271. The declines, as were the early advances, were slight and likely set the stage for a volatile day, marked by seasonally low trading volumes. Investors are mainly focused on the start of a symposium of central bankers at Jackson Hole, Wyo., which could set the tone for markets. They are also closely following messages out of the White House, as President Donald Trump dials up the rhetoric with a series of tweets, hinting at continued discord between him and Sen. Majority Leader Mitch McConnell, which could make forging new legislation and avoiding a government shutdown difficult. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Retail ETF on track for biggest daily drop in 4 weeks as Priceline's stock slumps
A popular vehicle to wager on the retail sector on Wednesday was on pace for its steepest daily decline in about a month, weighed by drops in shares of Office Depot Inc. , and Priceline Group Inc. . The SPDR S&P Retail ETF was down by about 1.5%, putting its worst one-day fall since July 10 in sight, when the retail-focused ETF fell by 2.4%, according to FactSet data. Prominent names in the ETF, Priceline shares tumbled 8.4% after the travel-booking company posted bookings that missed Wall Street expectations late Tuesday. Another travel-related entity, TripAdvisor Inc. saw its shares down nearly 8% after weaker-than-expected quarterly results, while Office Depot's stock, plunged 25%, on pace for its worst daily drop since May 11, 2016. Those drops combined to yank the XRT sharply lower in early Wednesday trade. The S&P 500 index's consumer-staples sector, which the retail ETF is designed to mimic, was down the most among the broad-market benchmark's 11 sectors. Wall Street equities were trading modestly lower as investors sold assets perceived as risky, notably stocks, in favor of havens like government bonds and gold. The S&P 500 was down 0.2%, the Dow Jones Industrial Average was off 0.2%, while the tech-laden Nasdaq Composite Index was trading 0.5% lower. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Dow, S&P 500 carve out fresh records as tech, consumer-staples stocks climb
The Dow booked its 9th straight record and the S&P 500 also notched an all-time high on Monday, lifted by gains in technology and consumer-staples stocks. The Dow Jones Industrial Average added a modest 0.1% to at 22,118, but posted its longest winning streak since February, while the S&P 500 index gained 0.2% at 2,480, powered by a 0.7% rise in the consumer-staples sector, headlined by a 5.7% rise in Tyson Foods Inc. shares after the meat-producer reported better-than-expected revenue. The Nasdaq Composite Index enjoyed the best daily gain of its peers, up 0.5% at 6,383, logging the best advance for the technology-focused index since July 18, according to FactSet data. The modest rise in equities came as government bonds hovered at lows, with the benchmark 10-year Treasury note yielding 2.26%. Bond prices move inversely to yields. Lower bond yields can make owning stocks, perceived as riskier, more attractive to investors. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Food Stocks to Watch for Q2 Earnings on Aug 3: K, KHC &THS
The Q2 earnings season has so far seen releases from 41 9 of the consumer staples companies in the S amp P 500 cohort According to the latest Earnings Preview 53 8 of the companies in the Consumer Staples sector have surpassed earnings and 61 5 have beat revenue expectations
P&G expresses 'complete support' for current strategy after activist investor wages proxy battle
Procter & Gamble Co. said Monday in a statement that its board of directors was "confident" that the changes being made at the struggling consumer products giant were having results, and expressed "complete support" for the current strategy and management team. The statement was in response to activist investor Trian Fund Management L.P.'s call to elect its CEO Nelson Peltz on P&G's board to help accelerate the company's turnaround. Trian is P&G's fifth-largest shareholder, with 36.7 million shares, or 1.4% of the shares outstanding, according to FactSet. Trian said P&G's results over the past decade have been disappointing, and that the recent $10 billion cost-cutting program has had "no discernible impact" on results. "While the board is always willing to consider new ideas that may help drive profitable growth and enhance shareholder value, the board notes that Trian has not provided any new or actionable ideas to drive additional value for P&G shareholders beyond the continued successful execution of the strategic plan that is in place," P&G said in its statement. P&G's stock rallied 0.7% in midday trade. It has gained 2.0% over the past 12 months, while the SPDR Consumer Staples Select Sector ETF has lost 1.6% and the Dow Jones Industrial Average has climbed 17%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Staples bought for $6.9 billion, changes ahead
Sycamore is buying Staples for $6.9 billion.
Staples in $6.9 billion sale to private equity firm Sycamore
(Reuters) - Sycamore Partners said on Wednesday it would acquire U.S. office supplies chain Staples Inc for $6.9 billion, a rare bet by a private equity firm this year in the U.S. retail sector, which has been roiled by the popularity of internet shopping.
Office supplies chain Staples sold for $6.9 billion
Private equity firm Sycamore is buying office supplies chain Staples for $6.9 billion
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