Top Consumer Stocks
Consumer stocks were higher, with shares of consumer staples companies in the S&P 500 Wednesday climbing about 0.25%, while shares of consumer discretionary firms in the S&P 500 have sped to a nearly 2.1% gain this afternoon.
Among consumer stocks moving on news:
(+) Wayfair ( W ) was putting up strong gains on Wednesday, recently climbing 15%, after the online retailer said its direct gross sales climbed 58% over year-ago levels during the five-day holiday weekend that began Thanksgiving Day and extended through Cyber Monday. Black Friday saw the strongest daily increase, Wayfair said, as consumers continued to move away from shopping at brick and mortar stores to buying online. Customers also shopped for every room of the virtual house, the company said, buying kitchenware and furnishings in addition to large outdoor items and garden features.
In other sector news:
(+) Gaming Partners International ( GPIC ) soared 71% to a 52-week high of $13.44 a share, after the casino equipment company late Tuesday agreed to a $110 million buyout offer from Angel Holdings Godo Kaisha. The $13.75-per-share cash bid - which includes a "go-shop" provision allowing the company to solicit competing offers through Feb. 2 - represents a 76.3% premium over Tuesday's closing price.
(-) Skyline ( SKY ) dropped 3.7% on Wednesday after the factory-built housing company disclosed plans for a secondary offering of 4.5 million shares by funds affiliated with three institutional investors. Centerbridge Capital Partners and Sankaty Champion Holdings are each selling 1.75 million shares in the offering while MAK Champion Investment is selling 1 million shares. The selling shareholders also have provided underwriters with an overallotment option to buy up to 675,000 more shares.
(-) Stein Mart ( SMRT ) retreated nearly 27% at one point during Wednesday trading after the apparel chain reported a Q3 net loss of $0.36 per share, expanding on a $0.31 per share net loss during the same quarter last year, as net sales fell during the three months ended Nov. 3 to $282.86 million. A single analyst following Stein Mart had been expecting $285.39 million in Q3 sales.