Consumer Sector Update for 11/07/2018: KHF,ETSY,GNC,KORS

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Top Consumer Stocks

WMT +1.02%

MCD +0.85%

DIS +0.31%

CVS +1.05%

KO +0.54%

Consumer stocks were broadly higher in late trade today, with shares of consumer staples companies in the S&P 500 rising over 0.5% this afternoon while shares of consumer discretionary firms in the S&P 500 were climbing more than 2.6%.

Among consumer stocks moving on news:

(-) Kraft Heinz ( KHC ) was back near its break-even mark, erasing most of a 1% decline it held for most of Wednesday's session after saying it was selling its Canadian natural cheese business to Parmalat for CAD1.62 billion, or about $1.23 billion. Under the terms of the proposed transactions, Kraft will sell its production facility in Ingleside, Ontario and transfer about 400 workers from the facility to Parmalat. The deal is expected to close before mid-year in 2019, subject to regulatory reviews and approval, also includes the sale of natural cheese brands Cracker Barrel, P'tit Quebec and aMOOza! in Canada.

In other sector news:

(+) Etsy ( ETSY ) climbed over 11% on Wednesday after the e-commerce platform reported Q3 net income of $0.15 per share on $150.3 million in sales, beating the Capital IQ consensus by $0.01 per share and about $600,000, respectively. The company raised its FY18 revenue outlook at least $600,000 above the $595.4 million Street view. It also authorized a new stock buyback program for up to $200 million of its common shares.

(+) GNC Holdings ( GNC ) was more than 10% higher this afternoon, earlier Wednesday climbing to as much as % higher, after announcing a $300 million investment from the Harbin Pharmaceutical Group and also saying the firm will partner on joint ventures in Hong Kong and China.

(-) Michael Kors Holdings ( KORS ) dropped over 17% on Wednesdasy, sinking to its lowest share price since October 2017 at $47.47 a share after reporting mixed fiscal Q2 financial results, upstaging the high-end apparel company raising its forecast for adjusted FY19 net income.

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: KHC , ETSY , GNC ,

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