Consumer Stocks Nailing Down Small But Broad Gains; Crocs Ending Near Day's High on Blackstone Investment

By Staff,

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Top Consumer Stocks

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Consumer stocks were mostly higher with shares of consumer staples companies in the S&P 500 gaining almost 0.2%. Shares of consumer discretionary firms in the S&P 500 are ahead about 0.3%.

In company news, Crocs Inc ( CROX ) was trading sharply higher Monday, rising over 21% to $16.15 in recent trading after last night saying private equity firm Blackstone was buying $200 million of the shoe company's convertible preferred stock.

CROX also said board member and CEO John McCarvel announced plans to retire, effective April 30, 2014. The company also approved increasing its stock buyback program to $350 million as well as reaffirming its Q4 outlook at the low end of its guidance, now expecting a $0.23 per share net loss on around $220 million in revenue.

Analysts, on average, have been expecting CROX to generate around $222.25 million in revenue during the three months ending this week, down about 1.2% from year-ago levels.

In other sector news,

(+) CTB, Reverses earlier declines that followed the tire company scrapping a proposed $2.5-bln buyout by Apollo Tyres, saying financing for the deal is no longer feasible after a valuation disagreement with its Indian rival.

(-) CBRL, Rejects efforts by Sardar Biglari to force the restaurant chain to begin a sales process, with the board stating the company's existing business strategy is best course of action.

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) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CROX

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