Consumer stocks were mixed in Monday afternoon trading, with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) easing less than 0.1%.
In corporate news, Mondelez International (MDLZ) is exploring an acquisition of Hershey (HSY) that would create a company with combined sales of nearly $50 billion, Bloomberg reported. Mondelez shares fell more than 1% and Hershey jumped 13%.
Macy's (M) shareholders Barington Capital and Thor Equities on Monday urged the department store chain to cut capital expenditures and consider strategic alternatives for its Bloomingdale's and Bluemercury chains. Macy's shares rose nearly 2%.
Omnicom (OMC) agreed to buy Interpublic (IPG) in an all-stock deal. Interpublic investors will get 0.344 shares of Omnicom for each share owned. Omnicom shares tumbled past 9%, while Interpublic jumped 6%.
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