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Consumer Sector Update for 06/26/2018: HOME,CIDM,BYD,PRPH


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Top Consumer Stocks

WMT flat

MCD +1.10%

DIS -0.16%

CVS -1.81%

KO -0.07%

Consumer stocks were broadly mixed Tuesday, with shares of consumer staples companies in the S&P 500 sinking over 0.3% in afternoon trading while shares of consumer discretionary firms in the S&P 500 were climbing almost 1.0%.

In industry news:

Same-store sales at 20 of the largest US chain stores rose 3.1% over year-ago levels during the seven days ended June 23, slowing by 1.6 percentage points from the prior week to the slowest pace of growth since mid-April, according to the latest Redbook survey issued Tuesday morning. Month-to-date sales fell 0.5 points from the prior week to the weakest reading since the week ended March 3, while the full month year-over-year gain fell to 4.0 percent, the slowest pace in five weeks.

Among consumer stocks moving on news:

+ At Home Group ( HOME ) rose to an all-time high on Tuesday, advancing over 12% to $40.74 a share, after analysts at Morgan Stanley raised their stock rating for the specialty retailer to Overweight from Equalweight and also boosted the price target for the company's stock by $12 to $47 a share. The upgrade follows the company June 12 pricing a secondary offering of 8 million shares previously held by AEA Investors LP and other institutional investors. The company did not disclose how much the offering raised or the per-share price of the stock sold.

In other sector news:

+ Cinedigm Corp ( CIDM ) was up nearly 5%, one day after the movie theater chain reported earnings that saw it swinging to a modest fiscal Q4 profit compared with a deep net loss during the same quarter last year. The company earned $46,000 during the three months ended March 31, improving on a $9.7 million net loss during the first three months of 2017, even as revenue fell to $17.67 million from $19.59 million during the year-ago period. No analyst estimate was available for comparison.

= Boyd Gaming Corp ( BYD ) was up 2% Tuesday. The casino and resort operator late Monday closed on a $700 million private placement of 6.00% senior notes maturing in August 2026 with institutional investors. The company plans to use the estimated $689 million in net proceeds to pay down the $130 million in outstanding debt owed under its senior secured revolving credit facility. Remaining funds may used for additional debt reduction or expansion efforts, including potential acquisitions of complementary assets or businesses as well as for general equipment and capital projects.

- ProPhase Labs ( PRPH ) was up nearly 3% after the maker and distributor of over-the-counter consumer health care products Monday filed to raise up to $75 million mixed-shelf registration document, including the sale of common and preferred stocks and warrants, either separately or as combination of stock and warrants in equity units, according to the preliminary prospectus filed late Monday. Any net proceeds from the sale of securities would be used to fund the company's daily and longer-term operations as well as for general corporate purposes, including research and development programs, general working capital and potential acquisitions.

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: HOME , CIDM , BYD , PRPH



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