Consumer Sector Update for 07/19/2017: GTIM,SNI,DISCA,MKC


WMT -0.45%

MCD -0.10%

DIS +1.02%

CVS -0.78%

KO +0.35%

Consumer stocks maintained moderate gains this afternoon, with shares of consumer staples companies in the S&P 500 climbing about 0.4% while shares of consumer discretionary firms in the S&P 500 were putting up a nearly 0.5% advance.

In company news, Good Times Restaurants ( GTIM ) was edging higher this afternoon, with shares of the eatery chain slipping off its previous session high of $3.53 a share that followed the company this afternoon saying it has hired a familiar face to take over as chief financial officer when the incumbent steps down at the end of this month.

Ryan Zink will assume responsibilities as CFO on July 31, replacing Jim Zielke, who is resigning to take advantage of an ownership opportunity at a privately held restaurant company. Zink moves in from his prior position as corporate finance director and reporting leader at Invista, one of the world’s largest producers of polymers and fiber.

Good Times said it has discussed various job opportunities with Zink in the past, adding he and Zielke also previously worked together at F&H Acquisition Corp, the shell company that absorbed Champps Entertainment and then merged with the Fox and Hound Restaurant Group in October 2007.

In other sector news,

(+) SNI, Wall Street Journal, citing unnamed people familiar with the matter, reports Discovery Communications ( DISCA ) and Scripps are discussing a potential merger. Financial terms of the possible deal have not been disclosed.

(-) MKC, Acquires Reckitt Benckiser’s food division – the maker of Frank’s RedHot Hot Sauce, French’s Mustard and the Cattlemen’s brands – for $4.2 bln, subject to certain adjustments.

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