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Consumer Cos Up on Holiday Season Reports — Consumer Roundup

Shares of retailers and other consumer-services companies rose on more positive reports about commercial activity during the holiday season.

Carrier Delta Air Lines rallied after it said lower fuel prices and a holiday travel rush generated higher fourth-quarter profit. Other airlines, such as American, rose in sympathy.

Casino giant MGM Resorts International said it would sell the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture that includes investment firm Blackstone Group, in a deal valuing the properties at $4.6 billion. The deal, which transfers ownership of the casinos to two real-estate investment trusts -- one of which belongs to Blackstone -- is similar to a previous sale of MGM's flagship property, the Bellagio to Blackstone last year.

Write to Rob Curran at rob.curran@dowjones.com

 

(END) Dow Jones Newswires

January 14, 2020 17:05 ET (22:05 GMT)

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