Sector Update: Consumer Stocks Drifting Lower; Skullcandy Dishing Up Gains After Jefferies Upgrade

By Staff,

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Consumer stocks were slightly lower today with shares of consumer staples companies in the S&P 500 slipping about 0.2%. Shares of consumer discretionary firms in the S&P 500 were down about 0.1%.

In company news, Skullcandy ( SKUL ) was higher in mid-day trade after the consumer electronics seller Tuesday was raised to Hold from Underperform at Jefferies, which also raised its price target for the stock by $1 to $8 a share.

In a new research note, the Jefferies analysts explained the upgrade follows "signs of sustained fundamental improvement and a cleaner foundation from an inventory, distribution and product perspective."

SKUL shares were up about 6.4% at $7.97 apiece this afternoon, earlier advancing to a session high of $8.24 a share. The stock has traded within a 52-week range of $5.20 to $11.40 a share, rising about 46% over the past 12 months.

In other sector news,

(+) SMG, (+1.0%) Declares special one-time cash dividend of $2.00 per share. Increases quarterly dividend by 3% to $0.45 per share. Also approves $500 mln stock buyback program.

(-) SFM, (-7.2%) Launches secondary offering of 15 mln shares now held by affiliates of Apollo Global Management ( APO ).

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: SKUL , APO

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