Top Consumer Stocks
Consumer stocks were broadly mixed, with shares of consumer
staples companies in the S&P 500 advancing 0.1%. Shares of
consumer discretionary firms in the S&P 500 were down 0.8%.
In company news, shares of B&G Foods (
) rose Friday after the packaged foods company late Thursday said
it was acquiring Specialty Brands of America from American Capital
) for $155 million in cash.
Specialty Brands launched in 1992, with the company now
operating Bear Creek Country Kitchens, which produces soups and
pastas, as well as New York Flatbreads and Canoleo margarine along
with several varieties of maple syrup, according to the company's
BGS said it expects the acquired brands to generate around $85
million in sales and $20 million in adjusted EBITDA on an
annualized basis once they are fully integrated into the company.
It also said the deal is seen immediately adding to the combined
companies' per-share earnings and free cash flow.
BGS shares were up nearly 3% in recent trade at $31.25, earlier
climbing to an intra-day high of $31.82 a share. The stock has a
52-week range of $27.35 to $37.66 a share, rising 8.4% over the
past year through Thursday's close.
ACAS was up 0.7% Friday at $15.44 a share.
In other sector news,
(+) SNX, (+21.7%) Q1 EPS of $1.25, ex items, beats by $0.31 per
share. Revenue rises 23% year over year to $3.03 bln, topping
Street view by around $270 mln. Q2 earnings outlook exceeds
estimates by at least $0.21 per share; projected revenue also
(-) KMX, (-3.5%) Adjusted Q4 earnings of $0.52 per share miss
Street view by $0.01. Revenue also trails analyst projections.
Authorizes $1 bln stock buyback program.
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