Top Consumer Stocks
Consumer stocks were moderately lower Friday, with shares of consumer staples companies in the S&P 500 sinking over 0.3% in afternoon trading while shares of consumer discretionary firms in the S&P 500 were falling more than 0.5%.
Among consumer stocks moving on news:
+ Ruth's Hospitality Group ( RUTH ) jumped out to a record high on Friday, rising almost 14% to a best-ever $32.75 a share, after the restaurant chain reported improved Q2 net income also beating Wall Street expectations. It earned $0.32 per share during the three months ended June 30, up from $0.25 during the same quarter last year and topping the Capital IQ consensus forecast by $0.02 per share. Total revenue rose to $109.6 million from $100 million last year but lagged the $111.7 million analyst mean.
In other sector news:
+ Yum! Brands ( YUM ) was higher Friday afternoon, climbing nearly 1%, after authorizing the repurchase of up to $2 billion of its common shares through a new stock buyback program running through the end of 2019. The fast-food restaurant company also had about $329 million still available on June 30 for share repurchases under its previous authorization. It also declared a $0.36 per share dividend, unchanged from its most recent distribution to investors and payable Sept. 7 to shareholders of record on Aug. 20.
- Herbalife ( HLF ) was 1% lower Friday afternoon, reversing a small rise earlier in the session that followed the personal-care products company, through a pair of subsidiaries, late Thursday pricing a $400 million private placement of its 7.250% senior notes due 2026. Net proceeds will be used to repay existing debt and for general corporate purposes.
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