Top Consumer Stocks
Consumer stocks still were mostly higher in late Friday trading, with shares of consumer staples companies in the S&P 500 climbing just more than 1.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead more than 1.3%.
Among consumer stocks moving on news:
(-) Luby's ( LUB ) fell more than 1% on Friday after the restaurant company promised it would name a new board chair and add two new independent directors to replace two incumbent directors. The moves were intended to head off a potential proxy fight with Bandera Partners, an activist investor that has nominated a four-member director slate and was slamming the proposed board shakeup as "too little too late."
In other sector news:
(+) VF Corp ( VFC ) rose 13% on Friday after the apparel company beat analyst estimates with its fiscal Q3 financial results and raised its FY19 revenue projections above the Street view. The company is now expecting "at least" $13.8 billion in sales this year, up $100 million over its prior outlook and topping the $13.76 billion analyst mean.
(+) Floor & Decor Holdings ( FND ) was more than 8% higher on Friday after UBS raised its investment recommendation for the specialty retailer to buy from neutral and increased its price target for the company's stock by $8 to $37 a share.
(-) Tesla ( TSLA ) declined more than 9% on Friday after the electric car manufacturer published an email by CEO Elon Musk outlining plans to reduce its workforce by about 7% and warning its Q4 profit would trail its non-GAAP Q3 earnings of $2.90 per share.
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