Consumer Sector Update for 09/09/2019: SERV,BXG,BXX,KAR,SHOP,SHOP.TO
Top Consumer Stocks
Consumer stocks were narrowly mixed in late trade, with shares of consumer staples companies in the S&P 500 (XLP) down 0.3% this afternoon while shares of consumer discretionary firms in the S&P 500 (XLY) were ahead more than 0.1%.
Among consumer stocks moving on news:
(-) ServiceMaster Global Holdings (SERV) was down nearly 1.2% shortly before Monday's closing bell after the home and commercial services company said it has acquired Nomor Holding AB from private-equity investors Norvestor for around $200 million. ServiceMaster said it is expecting the Swedish pest control company to boost revenue by about $60 million per year and $14 million in non-GAAP earnings before interest, taxes, depreciation and amortization.
In other sector news:
(+) KAR Auction Services (KAR) motored to a 5% gain after the vehicle auction house late Friday was selected by S&P Dow Jones to join the S&P MidCap 400, effective with the opening bell on Monday, Sept. 23.
(+) Bluegreen Vacations (BXG) rose 4% on Monday after the time-share company said Anthony Puleo will retire as chief financial officer on Sept. 30 and will be succeeded by Raymond Lopez, who will also continue to serve as CFO of BBX Capital (BXX), which owns 90.3% of Bluegreen Vacations.
(-) Shopify (SHOP) dropped over 7% despite Robert W. Baird & Co Monday raising its price target for the Canadian e-commerce company by $40 to $410 a share. Baird analyst Colin Sebastian also kept his outperform rating for Shopify stock, explaining the company is on track to exceed one million merchant customers by the end of the year.
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