Markets

Consumer Sector Update for 12/21/2015: SQBG,PBY,CNV,CBD

Top Consumer Stocks

WMT +0.79%

MCD +0.75%

DIS -0.91%

CVS +1.03%

KO +0.28%

Consumer stocks were higher in afternoon trade, with shares of consumer staples companies in the S&P 500 advancing about 0.5%, trading near their session highs, while shares of consumer discretionary firms in the S&P 500 have reversed earlier decline to trade around 0.2% higher.

In company news, Sequential Brands Group Inc. ( SQBG ) rose Monday after the fashion and lifestyles company this morning raised its FY15 and FY16 revenue forecasts after closing on its acquisition of Martha Stewart Living Omnimedia Inc.

Sequential raised its FY15 outlook by $4 million over its prior guidance to a new range of $85 million to $87 million and is also now expecting between $145 million to $150 million in FY16 sales.

Analysts, on average, had been looking for the company to generate around $83.4 million in sales this year and $110.8 million in sales next year before the Martha Stewart deal closed, according to Capital IQ.

SQBG shares were up more than 7% at $8.06 each, previously topping out at $8.61 a share.

In other sector news,

(+) PBY, (+6.6%) Carl Icahn raises buyout offer to $16.50 a share, or about $919 mln overall, with PBY giving rival suitor Bridgestone until Wednesday at 5 p.m. ET to respond.

(-) CNV, (-19.2%) Companhia Brasileira de Distribuicao ( CBD ) hires legal advisors and external forensic accountants to review alleged employee misconduct and inventory mis-management at CNV.

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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