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The bear market is offering up unprecedented bargains that could enrich investors when the market rebounds.
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Worries about consumer spending continued with the latest inflation reading, sending these economically sensitive stocks down.
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These beaten-down companies could step on the gas thanks to the healthy markets they operate in.
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U.S. consumer spending, underlying inflation slow in May ReutersFed's preferred inflation measure rose 4.7% in May, around multi-decade highs CNBCCooling Consumer Spending Points to Further Economic Slowdown The Wall Street JournalStocks plunge as inflation surges, consumer spending stalls New York Post Key inflation gauge tracked by the Fed remains a high 6.3% The Associated Press - en EspañolView Full Coverage on Google News
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Oil falls 3% on uncertainty over future OPEC output, recession fears Reuters.comCrude Oil Ends Seven-Month Winning Streak While EU Stocks Suffer DailyFXOil On Course For First Monthly Decline In 8 Months OilPrice.comCrude Oil Lower; Recession Worries Weigh By Investing.com Investing.com
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Many high-quality businesses have seen their stock prices fall in recent months.
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S&P 500 down 20.6% in 2022 as rising interest rates and growth fears worry investors
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 Constellation Brands Inc. said Thursday it will seek shareholder approval to eliminate its higher-vote Class B shares, which would end the associated voting control of the Sands Family and simplify the equity capital structure. Class B shares entitle holders to 10 votes per share, while Class A shares represent one share. Class B shares are currently principally held by members of the Sands family, giving them the majority of the voting power held by all shareholders. The beer, wine and spirits company said as part of the proposed plan to eliminate Class B shares, each Class B share will be converted into the right to receive one Class A share plus cash of $64.64 per Class B share, for a total cost of $1.5 billion. As of April 14, there were 162.76 million Class A shares outstanding and 23.2 million Class B shares, meaning the elimination of Class B shares would boost the Class A shares outstanding by about 14.3%. The proposal's announcement came after the company reported fiscal first-quarter profit and sales that beat expectations. The stock, which dropped 6.4% in premarket trading, has slipped 2.9% year to date through Wednesday, while the S&P 500 has dropped 19.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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"You have to be selective, which means sticking with the winners that we know are doing well," he said.
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Shares of eBay Inc. were falling 2.5% in Tuesday morning trading after UBS analyst Kunal Madhukar downgraded the stock to neutral from buy, writing of growth concerns regarding the online marketplace. "Expectations are low, with non-Focus categories declining and with Focus categories, which are doing better, comprising purely discretionary spend which could be disproportionately impacted in a downturn," Madhukar wrote in a note to clients. The downgrade comes amid a UBS analysis of how the e-commerce sector could fare in a downturn, with Madhukar highlighting the rising possibility of a recession. He sees "greater macro sensitivity" for the e-commerce space in a modern recession, whereas e-commerce was still a small portion of overall retail sales during the financial crisis. Additionally, he worries that when the market recovers, eBay "could lag smaller-cap peers (which are likely to grow much faster in a recovery) until investors have better visibility into organic growth at eBay." Shares of eBay have declined 35% so far this year as the S&P 500 has dropped 19%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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