Consumer Sector Update for 08/10/2016: CPS,CAVM,QLGC,YELP,DPLO

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Consumer stocks held on for moderate gains this afternoon, with shares of consumer staples companies in the S&P 500 climbing about 0.4% while shares of consumer discretionary firms in the S&P 500 were rising about 0.3%.

In company news, auto parts manufacturer Cooper-Standard Holdings ( CPS ) was lower shortly before Wednesday's closing bell, giving back early gains for the company's stock ahead of it joining the S&P SmallCap 600 following the end of today's trading session.

Cooper-Standard replaces network equipment-maker QLogic Corp ( QLGC ), which is being acquired by chipmaker Cavium ( CAVM ) for $1.36 million in cash and stock.

The stock also may be pressured by regulatory documents today indicating Capital World Investors had sold 870,000 Cooper-Standard shares, paring its stake to around 152,000 shares, or about 0.8% of the company's outstanding stock.

CPS shares were down almost 1% at $95.09 each, turning lower after a 0.3% advance this morning lifted the stock to within 4 cents of their 52-week high before drifting to a recent session low of $94.54 a share.

CAVM shares were off about 0.4% this afternoon at $49.00 apiece while QLGC stock was down about 0.6% to $15.78 a share.

In other sector news,

(+) YELP, Q2 EPS of $0.16 beats analyst mean by a penny. Revenue rises 29.5% to $173.4 mln, topping Street view by $3.6 mln. Q3, FY16 revenue forecasts exceed expectations. Receives upgrades from Mizuho, Axiom Capital, Bank of America and Raymond James.

(-) DPLO, Q2 revenue climbs almost 35% year-over-year to $1.09 bln but still lags Street view by $30 mln. Non-GAAP EPS of $0.23 tops consensus by $0.02 per share. Mizuho raises price target by $2 to $48; Leerink boosts target by $3 to $63 a share.

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: CPS , YELP , DPLO

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