Top Consumer Stocks
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.
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