Consumer Sector Update for 06/08/2016: SKUL,HHS,OXM

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Top Consumer Stocks

WMT +0.34%

MCD +0.16%

DIS -0.24%

CVS +1.79%

KO +0.57%

Consumer stocks added to their earlier gains this afternoon, with shares of consumer staples companies in the S&P 500 posting a 0.5% advance while shares of consumer discretionary firms in the S&P 500 were hanging on to a 0.2% gain.

In company news, Skullcandy Inc. ( SKUL ) shares surged Wednesday after the high-end headphone company said its founder was considering a going-private transaction.

Richard Alden, through a family trust and other investment vehicles, directly and indirectly controls around 11.7 million Skullcandy shares, or about 40.9% of the company's stock.

The company founder, through representatives, yesterday contacted the managers of a trust he set up for the benefit of his wife, saying he was exploring a possible going-private deal for the company, according to a regulatory filing late yesterday. Those managers indicated they would participate in a potential deal if Alden choose to proceed.

The document did not suggest a price Alden would pay for each share he doesn't already own or present other details of a potential deal.

SKUL shares were up just under 17% at $4.60 apiece just before the closing bell, backing down slightly from a session high of $4.70 a share.

In other sector news,

(+) HHS, Disclose plans to explore strategic alternatives for its Trillium software business.

(-) OXM, Q1 EPS of $1.26 trails Capital IQ consensus by $0.07 per share. Revenue falls 1.6% year-over-year to $256.24 mln, also missing $270.68 consensus. Guides FY17 net income, revenue below Street views.

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: HHS , OXM

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