Shares of retailers and other consumer-services companies ticked down amid persistent fears about the sector's growth.
Consumer shares are likely to underperform in "a late cycle environment," warned analysts at brokerage Morgan Stanley in a research note. This environment is characterized by "a tight labor market -- especially skilled labor, elevated consumer confidence, and the beginning stages of credit quality deterioration," they said. "While certain consumer-related economic measures remain strong, stocks tend to price in that strength well before the macro data actually tops."
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Unilever agreed to buy South Korean cosmetics company Carver Korea for $2.7 billion, the latest in a string of skin-care acquisitions.
Jeereddi Partners and Purple Mountain Capital Partners, which together own 2.4% of Tuesday Morning's shares, are urging the Dallas retailer to replace Chief Executive Steven Becker.
Rob Curran, email@example.com
(END) Dow Jones Newswires
September 25, 2017 16:56 ET (20:56 GMT)