Consumer Sector Update for 05/15/2017: CAAS,SORL,CCCL

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Top Consumer Stocks

WMT +0.70%

MCD +0.45%

DIS -0.03%

CVS +0.49%

KO +0.24%

Consumer stocks were trending slightly higher Monday, with shares of consumer staples companies in the S&P 500 advancing about 0.3% while shares of consumer discretionary firms in the S&P 500 were posting a 0.1% gain.

In company news, China Automotive Systems ( CAAS ) rose Monday, advancing to an 11% gain and a $4.99-a-share session high after board chairman Hanlin Chen today proposed paying $5.45 for each of the automobile parts manufacturer's shares he doesn't already own, representing a 22.5% premium over Friday's closing price for the stock.

Chen and his affiliates currently own about 56.4% of China Automotive stock and his $97.3 million bid is subject to approval by a special board committee of its independent directors as well as a simple majority of the company's unaffiliated shareholders.

In other sector news,

(+) SORL, (+30.7%) Hits six-year high following 37.4% spike in Q1 sales over last year to $73.9 mln, topping the Capital IQ consensus by $2.14 mln. Net income jumps to $0.36 per share from $0.02 per share last year, more than doubling the $0.15 per share consensus call.

(-) CCCL, (-13.9%) Reports fiscal Q4 net loss of $19.05 per share, compared with a $34.88 per share loss during the year-ago period. Revenue falls 10.4% from last year to $28.3 mln. No analyst estimates were available for comparison.

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: CAAS , SORL , CCCL

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