Consumer Sector Update for 09/21/2016: KBH,CONN,SKX

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Consumer stocks were mixed again this afternoon, with shares of consumer staples companies in the S&P 500 dropping about 0.4% while shares of consumer discretionary firms in the S&P 500 were back on positive ground today, rising about 0.1%.

In company news, KB Home ( KBH ) rose Wednesday after the homebuilder exceeded Wall Street estimates with its fiscal Q3 although revenue for June-to-August period came up short of the analyst mean.

The company earned $0.42 per share during the three months ended Aug. 31, down a penny from the year-ago quarter but beating the Capital IQ consensus by $0.03 per share. Revenue rose 8.3% compared with the same quarter last year to $913.3 million, trailing the Street view by around $29.6 million.

Deliveries climbed 11% to 2,487 home during the quarter, with double-digit growth in KB's West Coast and central U.S. regions, the average selling price increased 2% year over year to $365,900.

KBH shares were up slightly more than 1% at $15.09 apiece, easing slightly from a session high of $15.44 a share in recent trade

In other sector news,

(+) CONN, (+19.1%) Investment rating raised to Buy from Hold at Stifel, which also set a $16 price target for the stock.

(-) SKX, (-9.6%) Morgan Stanley downgrades Skechers USA to Equal Weight from Overweight.The brokerage also pares price target by $16 to $25 a share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Business , Commodities
Referenced Symbols: KBH , CONN , SKX


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