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Consumer Sector Update for 04/20/2016: BBSI, KKD, KO, PNK

Top Consumer Stocks

WMT -0.42%

MCD +0.18%

DIS +0.65%

CVS +0.05%

KO -4.47%

Consumer stocks were mixed Wednesday, with shares of consumer staples companies in the S&P 500 dropping 0.9% while shares of consumer discretionary firms in the S&P 500 were gaining about 0.3%.

In company news, Barrett Business Services ( BBSI ) soared Wednesday after the staffing and outsourcing company said an independent accounting investigation uncovered some discrepancies involving its former chief financial officer, but the probe did not find any errors changing its reported pretax income, net income or per-share earnings.

The investigation began in March and reviewed all of the company's financial records going back seven years from Dec. 31, 2015, and evaluated unsupported journal entries made by the former CFO as well as determining whether other accounting irregularities occurred during those periods.

The company now expects to file its 2015 Form 10-K annual report by May 9, which will include restated financial statements for 2013 and 2014.

BBSI shares were up almost 18% in late trade at $34.92 apiece, earlier reaching a session high of $36.15 a share.

In other sector news,

(+) KKD, Selected to replace Pinnacle Entertainment ( PNK ) in the S&P Smallcap 600 following the market close on Friday, April 22.

(-) KO, Adjusted EPS falls to $0.45 from $0.48 a year ago but beat Capital IQ consensus by $0.01 per share. Revenue slips 4% to $10.28 bln, edging out $10.24 bln consensus. Overseas sales also flatline.

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

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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.

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