Consumer Sector Update for 06/07/2019: BKS,BYND,OLLI

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Top Consumer Stocks

WMT +0.76%

MCD +1.33%

DIS +0.85%

CVS +0.12%

KO +0.64%

Consumer stocks were mostly higher in recent trading, with shares of consumer staples companies in the S&P 500 up more than 1.1% Friday afternoon while shares of consumer discretionary firms in the S&P 500 were ahead by 1.6%.

Among consumer stocks moving on news:

(+) Barnes & Noble ( BKS ) rose more than 12% on Friday after the book retailer agreed to a $683 million buyout offer from Elliott Management, the American hedge fund that also owns the UK's largest retail bookseller. Elliott will pay $6.50 in cash for each Barnes & Noble share, marking a 43% premium over the closing price on Wednesday, the day before rumors of a deal emerged.

In other sector news:

(+) Beyond Meat ( BYND ) raced more than 36% higher to a best-ever $135.80 a share after plant-based hamburger-maker late Thursday said its Q1 net sales more than trebled compared with year-ago levels, rising to $40.2 million and topping the Capital IQ consensus of $38.9 million in its first quarter as a public company. It also reported a smaller-than-expected adjusted net loss of $0.14 per share and projected FY19 sales exceeding the $205 million analyst mean by $5 million.

(-) Ollie's Bargain Outlet Holdings ( OLLI ) slid 2% on Friday. The discount retailer reported non-GAAP Q1 net income of $0.46 per share after a 17.8% increase in total sales over year-ago levels to $324.9 million. Analysts, on average, had been looking for a $0.44 per share adjusted profit on $319.2 million in sales for the three months ended May 4. The company also raised its Q2 and FY19 sales forecasts, although both projections remain in-line with the Wall Street consensus.

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: BKS , BYND , OLLI

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