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Consumer Stocks Enjoy Late Rally; Jack in the Box Jumps to New 52-Week High, Rising Nearly 5%
By: MT Newswires
Top Consumer Stocks
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 ( JACK ) 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 Restaurants.
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 transaction.
(-) 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 forecasts.