Top Consumer Stocks
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Consumer stocks added to their prior gains in late trade, with shares of consumer staples companies in the S&P 500 climbing over 0.5% this afternoon while shares of consumer discretionary firms in the S&P 500 also were ahead almost 0.3%.
Among consumer stocks moving on news:
(-) Ethan Allen Interiors (ETH) was fractionally lower in later trade, drifting lower after Wednesday announcing plans to eliminate 380 jobs at its plants as part of a wider company restructuring intended to boost gross profit for the the furniture builder and retailer by between $5 million to $6 million during FY20. Most of the jobs will be cut at it facility in Old Fort, N.C., with the rest of the reductions in Passaic, N.J.
In other sector news:
(+) Smart & Final Stores (SFS) raced over 20% higher after the retail chain agreed to a $497 million buyout proposal from affiliates of Apollo Global Management (APO). The $6.50-a-share cash offer is expected to close during Q3, pending regulatory approval and other conditions. Apollo previously owned Smart & Final between 2007 to 2012 prior selling the chain to Ares Management (ARES).
(+) United Continental (UAL) climbed more than 4% after the air carrier late Tuesday reported non-GAAP net income of $1.15 per share, more than doubling its $0.49 per share profit during the year-ago period and beating the Capital IQ consensus by $0.19 per share.
(-) Sequential Brands Group (SQBG) dropped 18% on Wednesday after the apparel and home goods company agreed to sell its Martha Stewart and Emeril Lagasse brands and all related intellectual property to Marquee Brands for an estimated $175 million along with an additional earnout opportunity of up to $40 million.
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