Consumer stocks are getting a late boost this afternoon with
shares of consumer staples companies in the S&P 500 climbing
about 0.4%. Shares of consumer discretionary firms in the S&P
500 are over 1.1% higher.
In company news, Jack in the Box (
) is springing to fresh highs late in today's session, now trading
4.8% higher at $38.77 a share and setting a new 52-week high of
$38.88 moments ago after late yesterday disclosing plans to close
more of its under-performing restaurants.
JACK expects to book a $40-mln charge against its fiscal Q3
earning as a result of closing 67 Qdoba Mexican Grill
The plan received a big thumbs-up from CNBC host Jim Cramer, who
this morning said he thinks JACK shares could go higher as the
company shutters more of its poorly performing locations.
In other sector news,
(+) SFD, Board confirms activist investor Starboard Value LP
sends written objections to proposed $34-per-share buyout offer by
Shuangui International Holdings, arguing SFD could be worth more
than if it was split into two or more separate firms. Board
restates its unaminous support for the $4.72-bln Shuanghui
(-) AOI, Reports net income of $0.27 per share for the 12 months
ended March 31, down $0.07 per share from the prior year results.
Revenue climbs 4.3% year over year to $2.24 bln, matching analyst
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