Top Consumer Stocks
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Consumer stocks continued to trend higher Monday afternoon, with shares of consumer staples companies in the S&P 500 Monday increasing nmore than 0.7% while shares of consumer discretionary firms in the S&P 500 were posting an almost 1.3% gain.
Among consumer stocks moving on news:
(-) Deckers Outdoor ( DECK ) has turned lower again late in Monday trade, earlier dropping almost 2% to a session low of $94.26 a share, after late Friday saying Thomas George was stepping down as chief financial officer after about nine years in the post to pursue other interests. George has agreed to stay with Deckers in his current position through a transition period expected to last until late in 2018 while the footwear and accessories completes its search and hires a permanent replacement.
In other sector news:
(+) Hertz ( HTZ ) climbed almost 4% higher on Monday, reaching a session high of $19.38 a share, after disclosing plans by its Netherlands-based subsidiary for a EUR500 million ($615.1 million) offering of senior unsecured notes and using proceeds from the deal to redeem its 4.375% notes due 2019. Any remaining funds will be used to repay other borrowings under its European revolving credit facility.
(+) Newell Brands ( NWL ) Monday pushed out more than 1% to a session high of $89.87 a share, following reports activist investor Carl Icahn acquired an equity stake in the company. The stock purchase could place Icahn into the role of deciding the winner in an ongoing proxy fight within the kitchenware company by one of its investors, Starboard Value LP, which has nominated an alternative slate of director candidates. Newell management is now meeting with its major investors, including Icahn, to explain its plans while Starboard has asked the company not sell any brands before its annual meeting in May, according to the New York Post, citing three sources with knowledge of the matter. Newell previously has said it wants to reshape its product portfolio, focusing on nine consumer divisions and putting the rest of the company up for sale.
(+) Shopify Inc. (SHOP,SHOP.TO) climbed almost 2% on Monday, topping out at $139.47 a share, after the e-commerce company named Amy Shapero to be its new chief financial officer, effective April 2. She joins Shopify from online wealth managers Betterment, where she had been CFO since 2016. Shapero succeeds Russ Jones, the company first and only finance chief who is stepping down after almost seven years in the post although he will remain as a strategic advisor to the company during the transition. "He's our first official retiree," the company said in a statement.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
