Markets

Consumer Sector Update for 01/21/2015: ABCO,DECK,SAIA

Highs and Lows Stock Data

Top Consumer Stocks

WMT +0.08%

MCD -0.53%

DIS -0.26%

CVS +0.91%

KO +0.36%

Consumer stocks were producing strong gains Wednesday afternoon with shares of consumer staples companies in the S&P 500 advancing about 0.3%. Shares of consumer discretionary firms in the S&P 500 were up nearly 0.7%.

In company news, The Advisory Board Company ( ABCO ) declined Wednesday after the business-services company late yesterday announced plans for a public offering of 3.275 million shares of its common stock.

The former owners of Royall & Co., a higher education marketing firm that ABCO acquired earlier this month for $700 million in cash and 2.4 million shares of its stock, also will sell 1,425 million ABCO shares as part of the offering. The Royall & Co. principals also will issue 30-day options to underwriters to buy up to 705,000 additional shares to cover possible over-allotments.

ABCO shares were down nearly 4% this afternoon at $45.83 apiece, earlier sinking to a session low of $45.69 a share. The stock has traded within a 52-week range of $37.47 to $70.14 a share, already sinking more than 27% over the past 12 months prior to today's slump.

In other sector news,

(+) DECK, (+0.6%) Promotes General Counsel David Lafitte to chief operating officer, effective Feb 2. He replaces Zohar Ziv, who retired from DECK on Jan. 16.

(-) SAIA, (-6.3%) Reduced to Hold from Buy at BB&T Capital Markets. No price target information was available.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities