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Consumer Sector Update for 10/24/2016: QSR,HLT,BX,SOHU

Top Consumer Stocks

WMT +1.10%

MCD -0.29%

DIS +0.24%

CVS +0.66%

KO +0.99%

Consumer stocks recorded solid gains on Monday, with shares of consumer staples companies in the S&P 500 advancing about 0.7% while shares of consumer discretionary firms in the S&P 500 were increasing about 0.6%.

In company news, QSR Restaurant Brands International (QSR,QSR.TO) declined Monday despite the quick service restaurant company earlier today reporting Q3 net income and sales topping Wall Street expectations.

Excluding one-time items, the parent company of the Burger King and Tim Horton chains eared $0.43 per share, improving on a $0.32 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus by $0.02 per share. Net sales grew 5.5% over year-ago levels to $1.08 billion, also exceeding the analyst mean by around $20 million. Comparable sales at Tim Hortons locations open more than 12 months increased 2.0% from last year during the quarter while Burger King comparable sales rose 1.7% in constant currency.

QSR shares were down nearly 5% in late U.S. trading at $44.68 each, staying within 6 cents of their intra-day low following a steady decline throughout today's session. QSR.TO shares also were near their session lows, falling 4.5% to C$59.83 a share shortly before the closing bell this afternoon at the Toronto Stock Exchange.

In other sector news,

(+) HLT, HNA Group buys 25% equity stake from the Blacksone Group ( BX ) for $6.5 bln, acquiring 247.6 mln shares for $26.25 each, and positioning the Chinese shipping and industrial conglomerate ahead of upcoming HLT split into three publicly traded firms.

(-) SOHU, Q3 revenue falls 21.4% from year-ago levels to $410.58 mln, trailing Capital IQ consensus by $10.04 mln. Net loss of $1.68 per share is $0.65 smaller than Street view. Projected Q4 results lag analyst means.

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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