Consumer Sector Update for 04/12/2019: RBZ,DLPH,DIS,NFLX,GRUB,UBER
Top Consumer Stocks
Consumer stocks still were broadly higher, with shares of consumer staples companies in the S&P 500 climbing just over 0.2% in late trade this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead over 0.6%.
Among consumer stocks moving on news:
(+) Reebonz Holding Ltd (RBZ) still was trading over 69% higher after the luxury e-commerce platform disclosed plans for a $12 million public offering of its ordinary shares as well as offering another $12 million of warrants to buy additional shares. It expects to use the net proceeds for working capital as well as funding a potential expansion of its business and acquiring additional resources for its product and data teams.
In other sector news:
(+) Walt Disney (DIS) rose over 12% to a best-ever $130.90 a share after Friday saying its ad-free Disney+ streaming service will launch on Nov. 12 in the US at $6.99 per month. Rival service Netflix (NFLX) shares were down almost 4% this afternoon.
(+) Delphi Technologies (DLPH) was advancing Friday, climbing over 5% in recent trade, after BofA-Merrill Lynch raised its stock rating for the auto parts manufacturer to buy compared with its previous neutral call.
(-) GrubHub (GRUB) fell more than 5.6% on Friday after Wedbush lowered its price target for food ordering and delivery service by $30 to $100 a share "to better reflect the continued changes in (its) competitive dynamics" from fast-growing rivals like Uber Eats, which makes deliveries from 220,000 restaurants worldwide compared with GrubHub's 105,000 restaurant partners.
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