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


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Top Consumer Stocks

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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.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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