Consumer Sector Update for 09/22/2016: ELF,WCIC,LEN,NVFY


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Top Consumer Stocks

WMT +0.14%

MCD +0.60%

DIS +1.16%

CVS +0.37%

KO +1.02%

Consumer stocks were outperforming this afternoon, with shares of consumer staples companies in the S&P 500 advancing nearly 0.9% while shares of consumer discretionary firms in the S&P 500 were posting a 0.7% increase.

In company news, e.l.f. Beauty ( ELF ) was looking pretty in its first day as a public company Thursday after the high-end cosmetics company late yesterday priced its initial public offering of stock well above its expected range and raised more than $63.2 million in gross proceeds.

The company sold 4 million shares at $17 apiece, exceeding the expected $14 to $1 per share price range, and opened trading this morning at $24 a share. Several early-stage investors, including TPG elf Holdings LP and JA Cosmetics Corp, sold another 4.33 million shares as part of the IPO. The company did not receive any of those proceeds.

ELF shares recently were up more than 53% this afternoon at $26.07 apiece, matching their their first-day high.

In other sector news,

(+) WCIC, (+38.4%) Agrees to $643 mln buyout offer from Lennar Corp ( LEN ), which will pay $11.75 in cash and issue about 0.27 of a share for each WCIC share - valuing WCIC at $23.50 a share, a nearly 37% premium over Wednesday's closing price.

(-) NVFY, (-3.7%) Regains compliance with $1 minimum bid price to retain its Nasdaq stock market listing.

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: ELF , LEN , WCIC , NVFY

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