Top Consumer Stocks
Consumer stocks were moderately higher Friday, reversing their prior declines, with shares of consumer staples companies in the S&P 500 adding about 0.3% in value this afternoon while shares of consumer discretionary firms in the S&P 500 were advancing over 0.7%.
Among consumer stocks moving on news:
Tenneco ( TEN ) was higher late Friday after the auto-parts company reported above-consensus Q4 financial results. Excluding one-time items, the company earned $1.89 per share, improving on adjusted net income of $1.63 per share during the same period last year and easily topping the Capital IQ consensus by $0.25 per share. Net sales grew to $2.39 billion from $2.16 billion last year and also exceeding the Street view by around $90 million. Tenneco said it is expecting a 3% increase in Q1 revenue on a constant dollar basis, outpacing a flat light vehicle industry production growth forecast. That forecast grows to a 5% advance for FY18 and to betwwen 6% to 8% in FY19.
In other sector news:
+ Malibu Boats ( MBUU ) rallied Friday, climbing over 13% to a session high of $33.44 a share, after the sports boat manufacturer of performance sport boats, reported improved fiscal Q2 financial results, also beating the Capital consensus. Excluding one-time items, the company earned $0.53 per shareduring the three months ended Dec. 31, up from $0.38 per share during the same period last year and topping the $0.47 per share analyst mean. Net sales rose to $114.4 million from $67.7 million last year, also surpassing the analysts' averaged forecast looking for $108.8 million in revenue.
- Newell Brands ( NWL ) has turned lower this afternoon, reversing a nearly 3% advance in earlier trade after the housewares company confirmed it is the target in a proxy battle with Starboard Value, which is seeking to run an alternative slate of 10 new board members. The activist investors also want to oust CEO Michael Polkin and are being joined in upcoming fight by three former executives at Jarden, which Newell bought almost two years ago.
- Expedia ( EXPE ) plunged as much as 18%, falling to within 13 cents of its 52-week low of $100.62 a share, after posting adjusted Q4 EPS of $0.84, lagging the $1.15 per share consensus call. Revenue increased 11% year over year to $2.32 billion, also narrowly missing the $2.35 billion Street view.