Shares of most retailers and other consumer-services companies ticked down as concerns lingered about the outlook for bricks-and-mortar businesses.
One brokerage said the implications of Amazon.com's acquisition of Whole Foods have been exaggerated, however. "With Amazon's pending acquisition of Whole Foods, there have been calls for major shifts in how consumers buy groceries," said analysts at brokerage Morgan Stanley, in a research note. "Through the lens of consumer buying behaviors, we see stability and believe industry changes will come at a measured pace."
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For one thing, the analysts pointed out, few consumers shop consistently at a single location for groceries.
PepsiCo said its second-quarter sales and earnings rose as the beverage and snack maker continued to offset weak demand in North America with higher prices.
Rent-A-Center shares rallied after the seller of rent-to-own household appliances said it rejected an unsolicited takeover offer of $15 a share from activist investor Vintage Capital Management.
(-By Rob Curran, firstname.lastname@example.org)
(END) Dow Jones Newswires
July 11, 2017 16:39 ET (20:39 GMT)