Top Consumer Stocks
Consumer stocks were mixed prior to Wednesday's opening bell.
Among consumer stocks moving on news:
- Sonic ( SONC ) slumped Tuesday night, falling over 8% in extended trading, after the drive-in restaurant chain reported a larger-than-expected drop in its fiscal Q3 revenue compared with year-ago levels, upstaging above-consensus non-GAAP net income. Revenue declined 4.5% year over year to $118.3 million during the three months ended May 31 from $123.9 million during the same quarter last year and trailing the $119.3 million Capital IQ consensus call. Excluding one-time items, the company earned $0.52 per share from $0.43 during the year-ago period, topping the $0.49-per-share analyst mean. Looking forward, Sonic is projecting adjusted FY18 net income of $1.45 to $1.49 per share, straddling the $1.47 per share Street view.
In other sector news:
+ McCormick & Co ( MKC ) rose almost 1% in extra-hours trading Tuesday night after the spice merchant declared a quarterly dividend of $0.52 per share, unchanged from its most recent distribution and payable July 23 to shareholders of record on July 9.
+ iRobot ( IRBT ) inched higher after an adminstrative law judge late Tuesday issued an initial finding several rivals had infringed on patents underlying its Roomba robot vacuum. In ruling that bObsweep Inc., bObsweep USA, Hoover and Shenzhen ZhiYi Technology infringed valid iRobot patent claims, administrative law judge Thomas Pender also recommended the International Trade Commission issue a limited exclusion order in its probe.
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