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

Top Consumer Stocks

WMT +0.24%

MCD -0.99%

DIS +0.39%

CVS -0.10%

KO -1.12%

Consumer stocks were broadly mixed, with the shares of consumer staples companies in the S&P 500 falling 0.7% Friday afternoon while the shares of consumer discretionary firms in the S&P 500 were down less than 1%.

Among consumer stocks moving on 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.

In other sector news:

(+) MDC Holdings (MDC) climbed over 6% 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 nearly 2% 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 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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