Consumer Sector Update for 05/02/2016: RACE,APOL,APO,CALI

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Consumer stocks were ending broadly higher, with shares of consumer staples companies in the S&P 500 rising almost 1.1% while shares of consumer discretionary firms in the S&P 500 were posting a 1.3% increase.

In company news, automaker Ferrari ( RACE ) sputtered Monday despite beating analyst projections with its Q1 adjusted earnings and raising its FY16 guidance after also announcing a deal selling a majority stake in its Ferrari Financial Services unit to FCA Bank and saying CEO Arnedeo Felisa has retired, effective immediately.

Excluding one-time items, the company earned EUR 0.41 per share, topping the Capital IQ consensus by EUR 0.12 per share. Revenue rose 8.7% over year-ago levels to EUR 675 million, also exceeding the EUR 645.65 million consensus.

For FY16, Ferrari raised its revenue guidance by EUR 100 million over its previous outlook to EUR 3 billion, edging out the Street view by around EUR 40 million.

Felisa will be succeeded by Sergio Marchionne, who will also will retain his current role as board chairman with a specific mandate as technical advisor to the company.

RACE shares were down almost 3% at $44.53 apiece, earlier sinking to a session low of $43.55 a share.

In other sector news,

(+) APOL, Receives revised buyout offer of $10 per share, a 28.2% premium over Friday's closing price for the stock. Buyers group that includes Apollo Global Management ( APO ) calls latest bid its "best and final offer."

(-) CALI, Independent directors Zou Baoying and Wang Wei resign from the company's board, effective April 26, according to a regulatory filing. Company actively searching for two new qualified board members to replace the pair.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Business , Commodities
Referenced Symbols: RACE , APO , CALI

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