Consumer Sector Update for 06/14/2019: LK,MKGI,MEET,BKS
Top Consumer Stocks
Consumer stocks held on for small gains on Friday, with shares of consumer staples companies in the S&P 500 climbing almost 0.2% this afternoon while shares of consumer discretionary firms in the S&P 500 also were ahead just over 0.3%.
Among consumer stocks moving on news:
(+) Luckin Coffee (LK) rose almost 8% on Friday after a new regulatory filing showed the Qatar Investment Authority owns an 8.8% equity stake in the Chinese beverage chain, buying 3.25 million American depository shares since the company's debut last month on the Nasdaq Global Select market.
In other sector news:
(+) Monaker Group (MKGI) was nearly 2% higher on Friday after the travel e-commerce platform reported FY19 net income of $0.50 per share, reversing a $1.61 per share net loss during the prior 12-month period ended Feb. 28 and topping the single-analyst call expecting an $0.08 per share annual profit. Revenue increased over the previous year, rising to $505,000 from $431,000 during FY18.
(-) Barnes & Noble (BKS) fell almost 2% after a Publisher's Weekly report said the book-seller did not receive any additional takeover bids before the 11:59 p.m. ET deadline Thursday night under the "go-shop" provisions of Elliott Management's $475.8 million buyout offer. Readerlink previously had been identified as a potential suitor but did not make a formal offer.
(-) The Meet Group (MEET) was over 4% lower in recent trade, recovering from an earlier 10% drop to a 13-month low of $3.05 a share. The social-chat platform Friday announced plans for a $30 million stock buyback program running through 2021.
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