Top Consumer Stocks
Consumer stocks were broadly mixed Wednesday, with shares of consumer staples companies in the S&P 500 sinking about 0.2% in afternoon trading while shares of consumer discretionary firms in the S&P 500 were climbing almost 1.1%.
In industry news:
Retail sales fell 0.3% during January while December sales were revised sharply lower, dropping 0.4 percentage points to no change over November sales, which also was trimmed by 0.1 percentage points to a 0.8% increase. Falling motor vehicle sales undercut all of the recent monthly totals. Building supplies also were weak, dropping 2.4% last month.
Among consumer stocks moving on news:
+ Acco Brands ( ACCO ) climbed almost 21% on Wednesday, touching an intra-day high of $13.45 a share after the office-supplies company reported non-GAAP Q4 net income and revenue exceeding expectations. Excluding one-time items, it earned $0.48 per share versus $0.32 per share during the same quarter last year and topping the Capital IQ consensus by $0.04 per share. Net sales rose 30% over year-ago levels to $566.8 million from $437.6 million last year, also beating the analyst mean by around $3.5 million. Looking to FY18, Acco is modelling adjusted per-share earnings of between $1.33 to $1.37 on about 2% sales growth. Analysts, on average, are expecting the company to generate adjusted net income of $1.15 per share and a 1.4% rise in sales this year to around $1.97 billion.
In other sector news:
+ Molson Coors Brewing Company ( TAP ) was climbing almost 4% higher during recent Wednesday trading after the brewery company reported Q4 adjusted net income of $0.62 per share, topping the Capital IQ consensus by $0.05 per share. Revenue grew to $2.58 billion from $2.47 billion during the same quarter last year but missed the analyst consensus expecting $2.60 billion in revenue.
- PepsiCo ( PEP ) retreated Wednesday after analysts at Evercore ISI lowered their investment recommendation for the soft-drink bottler to In-Line from Outperform previously.