Top Consumer Stocks
Consumer stocks were finishing narrowly mixed, with shares of consumer staples companies in the S&P 500 sinking less than 0.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were climbing more than 0.3%.
Among consumer stocks moving on news:
(+) Lululemon Athletica ( LULU ) jumped almost 17% on Friday, touching a new, all-time high of $159.79 a share, after the yogawear company recorded better-than-expected financial results for the quarter ended July 29 and predicted net income and sales for the current quarter exceeding Wall Street expectations. RBC Capital Markets also lifted its price target for the company's stock by $30 to $160 a share while Canaccord Genuity raised its price target to $152 from $131 previously. The Telsey Advisory Group also lifted its price target by $25 to $170 a share. Telsey and RBC also reiterated their Outperform stock ratings for Lululemon while B Riley FBR kept its Neutral rating and increased its price target by $28 to $141 a share.
In other sector news:
(+) Starbucks ( SBUX ) was almost 1% higher Friday afternnoon, reversing the same-sized decline for the coffee-shop chain that followed The Coca-Cola Company's ( KO ) this morning buying the Costa Coffee chain and its nearly 4,000 retail locations throughout the UK, Europe, the Asia Pacific and the Middle East and Africa for $5.08 billion.
(-) Potbelly ( PBPB ) was edging lower Friday, falling less than 1%, after the restaurant chain said Michael Coyne will step down as chief financial officer on Sept. 21 to accept a senior leadership position with another company. The company has begun searching for a replacement.
- Big Lots ( BIG ) slumped Friday, sinking as much as 14%, after the retailer reported Q2 net income and sales trailing Wall Street expectations and cut its FY18 profit forecast below analyst estimates.
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