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Consumer Cos Flat As California Covid Case Growth Slows -- Consumer Roundup

08/31/2020 | 05:11pm EDT

Shares of retailers and other consumer companies were more or less flat amid signs that Covid-19 outbreaks were easing in some major states.

California, which has the highest number of confirmed cases in the country, reported fewer than 4,000 new infections Sunday, its lowest daily total since July 4, according to Johns Hopkins data.

An economic-strength indicator from brokerage Jefferies, weighted toward services businesses most affected by Covid-19 rose modestly to a level suggesting activity at 62% of prepandemic capacity. The indicators "suggest August data will show continued healing," said the Jefferies analysts, in a note to clients.

Chain store J.C. Penney is proposing to sell its assets out of bankruptcy to top lenders after "hitting a stalemate" with other bidders including landlords Simon Property Group and Brookfield Property Partners.

Women's apparel retailer New York & Co. and plus-size sister brand Fashion to Figure are set to be sold for $40 million to investment firm Saadia Group, which will operate their ecommerce storefronts while parent RTW Retailwinds winds down their bricks-and-mortar locations.

Beyond Meat shares rallied after analysts at brokerage Citigroup boosted their rating on the maker of meat substitutes.

Capital Today, a private-equity firm based in China, plans to sell its roughly 17% stake in Three Squirrels a leading Chinese online snacks retailer, The Wall Street Journal reported, estimating the current value of the stake at $655 million.

 

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -2.83% 145.37 Delayed Quote.16.30%
BROOKFIELD PROPERTY PARTNERS L.P. -0.32% 18.43 Delayed Quote.27.37%
CITIGROUP INC. -1.82% 67.61 Delayed Quote.9.65%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.00% 155.025 End-of-day quote.13.28%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.00% 121.05 End-of-day quote.6.33%
SIMON PROPERTY GROUP, INC -2.59% 125.33 Delayed Quote.46.96%
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