Consumer Stocks Maintain Much of Day-Long Advance

Consumer stocks were higher shortly before Friday’s closing bell, with shares of consumer staples companies adding about 0.6% while shares of consumer discretionary firms in the S&P 500 were climbing nearly 0.8%.

In company news, Dicks Sporting Goods (DKS) was narrowly higher this afternoon, with the retailer’s shares reversing a morning and early-afternoon retreat that followed reports it won an auction to buy the U.S. business of Golfsmith International Holdings for about $70 million.

Citihg people with knowledge of the matter, Reuters was reporting Dicks plans to keep at least 30 of the newly acquired Golfsmith stores open while shuttering the remaining locations. Golfsmith had 109 U.S. stores operating when it filed for bankruptcy protection.

DKS shares were up about 0.1% at $56.77 apiece, or 11 cents under their session high.

In other sector news,

(+) RAI, Receives $47 bln cash-and-stock buyout proposal from British Am Tobacco (BTI), which would pay $56.50 for each RAI share, a 20% premium over Thursday’s closing price.

(-) SKX, Q3 adjusted EPS of $0.46, excluding $0.04 per share for negative foreign currency impact, matches Street view. Revenue rises 10.4% to $942.2 mln, missing by $12.2 mln. Guides Q4 revenue below Street view.
Also cut to Neutral from Buy at Citigroup.

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