Consumer Sector Update for 09/13/2019: BITA,VNCE,MDC,BGS

Top Consumer Stocks

WMT +0.33%

MCD -1.15%

DIS +0.23%

CVS +0.15%

KO -0.79%

Consumer stocks turned lower this afternoon, with the shares of consumer staples companies in the S&P 500 falling 0.6% while the shares of consumer discretionary firms in the S&P 500 were dropping over 0.2%, reversing a prior gain.

Among consumer stocks moving on news:

(+) Bitauto Holdings (BITA) was nearly 9% higher this afternoon after the Chinese internet auto dealer said it received a non-binding buyout offer from Tencent Holdings and Hammer Capital of $16 per American depository share, representing a 16% premium over Thursday's closing price. Bitauto investors owning a combined 48.5% of the company already have committed to back the proposed transaction, Tencent said.

In other sector news:

(+) Vince Holding (VNCE) raced to a 26% gain on Friday after the wholesale and direct-to-consumer apparel-maker increased its FY19 sales and profit forecasts after reversing a Q2 net loss and reporting better-than-expected net sales. Vince earned $0.08 per share during the three months ended August compared with a $0.03 per share loss during the same quarter last year while revenue grew 13% over the year-ago period to $71.4 million, topping the single-analyst estimate expecting $68.60 million in sales.

(+) MDC Holdings (MDC) climbed over 5% after the homebuilder late Thursday reported a 63% increase in net new home orders during July and August compared with the same two-month period last year, rising to 1,418 new homes from 868 homes last year. The company also said its monthly sales absorption rate improved 40% to 3.75 while the number of active subdivisions for the company rose 17% to 189 during the first two months of its fiscal Q3.

(+) B&G Foods (BGS) was ending 1.5% higher Friday afternoon, overcoming a small mid-morning dip. The frozen- and processed-foods company priced an upsized $550 million public offering of 5.25% senior notes due 2027 at par, with B&G and underwriters adding an extra $100 million of the eight-year notes to the offering shortly before pricing. The company is expecting around $542.6 in net proceeds, which will be used to redeem its 4.625% senior notes maturing in 2021 and paying down a portion of its revolving credit line.

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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