Stocks in the consumer sector fall as U.S. leading economic indicators edged lower in June on weakening consumer spending.
Jersey Mike's Subs unveiled terms of a planned initial public offering that could give the sandwich chain, backed by private-equity giant Blackstone, an initial market capitalization approaching $8 billion. Jersey Mike's said it plans to sell nearly 13.8 million shares at between $21 and $25 apiece in the IPO. At the $23 midpoint of that price range, the Tinton Falls, N.J., company said it expects net proceeds of about $301 million.
Domino's Pizza reported a higher profit and revenue but slowed same-store sales growth in the second quarter. The company reported a profit of $135.8 million, or $4.07 a share, compared with $131.1 million, or $3.81 a share, a year earlier. Analysts polled by FactSet expected a profit of $138.9 million, or $4.17 a share. Revenue rose to $1.19 billion, up from $1.15 billion a year prior. Revenue growth was driven by higher franchise royalties and advertising revenues, as well as an increase in order volumes and food basket pricing to stores, the company said.
Truelink Capital said it had acquired Lyons Magnus, a company that specializes in making flavored ingredients and beverages. Truelink, a buyout firm based in Los Angeles, is acquiring Lyons Magnus from Paine Schwartz Partners. The deal value wasn't disclosed. The Wall Street Journal earlier reported that it would be valued at around $1 billion, including debt, according to people familiar with the matter.
