Sector Update: Consumer

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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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: SKUL , APO

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