Consumer Sector Update for 11/14/2017: DAVE,BWLD,NETS

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Consumer stocks were ending higher today, with shares of consumer staples companies in the S&P 500 extending their recent gains and rising over 0.3% this afternoon, while shares of consumer discretionary firms in the S&P 500 were adding nearly 0.1% in value today, reversing a small decline.

In company news, Famous Dave's of America ( DAVE ) was higher in late Tuesday trading after last night reporting a smaller-than-expected Q3 net loss in addition to naming a new chief executive officer.

Excluding one-time items, the company produced an adjusted net loss from continuing operations of $0.01 per share compared with a $0.02 per share non-GAAP net loss in the year-ago period and also beating the Capital IQ consensus expecting a $0.05 per share net loss. Revenue fell 14% year over year to $21.9 million, just ahead of the $21.5 million Street's view.

The company also said it has selected current board member Jeffery Crivello as its new CEO, effective today. Crivello previously was chief financial officer at PW Partners Capital Management. Also, in a related move, Famous Daves late yesterday completed a $1.46 million private placement of 418,169 shares with PW Partners at $3.50 apiece.

In other sector news,

(+) BWLD, Reportedly receives $2.3 bln takeover bid from Roark Capital Group, offering more than $150 per share, according to the Wall Street Journal, citing people familiar with the matter.

(-) NETS, Q3 net loss of $0.58 per share trails Street view by $0.12 per share. Revenue rises 11.4% over year-ago levels to $140.35 mln, also missing the $147.3 mln consensus.

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: DAVE , NETS

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