Consumer Cos Up After Increase In July Consumer Spending -- Consumer Roundup

Shares of retailers and other consumer companies rose after a reported increase in July consumer spending, albeit at a moderated rate.

Personal-consumption expenditures, a measure of household spending on everything from haircuts to new cars, increased a seasonally adjusted 1.9% in July from the prior month, the Commerce Department said. That was down from preceding months, in what may have been a reflection of the reduction in unemployment supplements.

Soda maker Coca-Cola said it planned to lay off some employees and offer voluntary separations, affecting thousands at the company, as it reorganizes its segments in a reorientation of beverage strategy.

MGM Resorts International is laying off 18,000 furloughed workers in the U.S., about one quarter of its prepandemic U.S. workforce, as a global travel slowdown slows the casino industry's recovery.

In another worrying sign for the labor market, Coca-Cola plans to lay off about 4,000 employees in the U.S., Puerto Rico and Canada and offer voluntary separations, affecting thousands at the company, as it reorganizes its segments in a reorientation of beverage strategy.

The California state legislature passed a ban on Newports and other menthol cigarettes, following a similar measure approved in Massachusetts last year.

Transatlantic budget carrier Norwegian Air Shuttle warned of "a significant risk" that it becomes insolvent in the first quarter of next year, because it will lack the cash needed to meet its short-term obligations.

Papa John's International shares rose slightly after the pizza-delivery chain posted robust North American sales growth in August.

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