Consumer Sector Update for 06/24/2016: SKUL,FINL,CGI

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Top Consumer Stocks

MCD -1.2%

WMT +0.3%

DIS -3.4%

KO -1.6%

Consumer stocks were moderately lower relative to most other sector, with shares of consumer staples companies in the S&P 500 slipping about 1.2% while shares of consumer discretionary firms in the S&P 500 were declining about 3.2%.

In company news, Skullcandy Inc ( SKUL ) soared Friday after the headphone and audio equipment company agreed to a $177 million buyout proposal from a private equity firm.

Under terms of the transaction, the Incipio Group will pay $5.75 in cash for each Skullcandy share, a 22.8% premium over Thursday's closing. The deal also includes a go-shop period through July 23 for Skullcandy to solicit alternative offers.

The acquisition is expected to close before the end of September, pending receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

SKUL shares were up more than 22% at $5.71 each, or just a penny under their session high.

In other sector news,

(+) FINL, (+23.8%) Q1 EPS of $0.23 per share beats Capital IQ consensus by $0.02 per share. Revenue rises 2.3% to $453.5 mln, also exceeding the $448.92 mln consensus. Reaffirms FY17 guidance looking for EPS between $1.50 to 1.56, bridging $1.54 per share analyst mean.

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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