Top Consumer Stocks
Consumer stocks were narrowly mixed today, with shares of consumer staples companies in the S&P 500 falling almost 0.2% this afternoon while shares of consumer discretionary firms in the S&P 500 were climbing nearly 0.2%.
Among consumer stocks moving on news:
+ Churchill Downs ( CHDN ) galloped to a new, all-time high on Monday, climbing over 6% to a best-ever $296.75 a share, after the U.S. Supreme Court struck down a Congressional ban on sports betting outside of Las Vegas, sending shares of several gaming companies racing higher. "The legalization of sports gambling requires an important policy choice, but the choice is not ours to make," the Supreme Court said in its ruling Monday that hands the decision on allowing sports betting to the individual states. "Our job is to interpret the law Congress has enacted and decide whether it is consistent with the Constitution. PASPA is not," the court said, referring to the Professional and Amateur Sports Protection Act. Shares of fellow race track owners Dover Downs ( DDE ), Pinnacle Entertainment ( PNK ) and Penn National Gaming ( PENN ) were all advancing in Monday's session along with casino operators Boyd Gaming ( BYD ) and MGM Resorts (MGM).
In other sector news: CHDN
- Nova Lifestyle (NVFY) slid over 9% lower on Monday despite the residential and commercial furniture seller reversing a year-ago net loss following a 23.5% jump in sales over the first three months in 2017. The company earned $0.06 per share during the three months ended March 31 compared with a $0.04 per share net loss last year while total revenue rose to $22.3 million from $18.1 million last year ago. Analyst comparisons were not available.
- DHX Media (DHXM,DHX-A.TO,DHX-B.TO) dropped as much as 12% on Monday after the Canadian television and film producer swung to a fiscal Q3 net loss despite a 27.6% year-over-year increase in revenue and warned it does not expect to match its prior FY18 guidance unless it can achieve at least one of the significant licensing opportunities identified during the company's ongoing strategic review. The net loss for the three months ended March 31 was C$0.06 per share, or about $0.05 per share, reversing a C$0.06 per share profit during the same quarter last year. Revenue climbed to C$116.5 million, or $91.3 million, compared with C$78.3 million in revenue clast year. Analyst estimates were not available for comparison. DHX Media on Sunday said also it sold a 39.2% ownership stake in the "Peanuts" brand to Sony Music Entertainment for $185 million, with plans to use net proceeds from the deal to pay down existing debt. After the transaction's expected June 30 close, DHX will own 40.8% of the classic entertainment property created by cartoonist Charles M. Schulz, whose family owns the remaining 20% share of the "Peanuts" brand.