Consumer Sector Update for 09/26/2019: CAG,BIDU,BYND,PIR

Top Consumer Stocks

WMT +0.06%

MCD +0.15%

DIS -1.27%

CVS -1.53%

KO +0.55%

Consumer stocks were mixed Thursday afternoon, with the shares of consumer staples companies in the S&P 500 climbing almost 0.7% while the shares of consumer discretionary firms in the S&P 500 were sinking more than 0.3%.

Among consumer stocks moving on news:

(+) Conagra Brands (CAG) climbed over 4% after the food processor reported better-than-expected fiscal Q1 financial results, including non-GAAP net income of $0.43, down from a $0.47 adjusted profit during the same quarter last year but still topping the Capital IQ consensus by $0.09 per share.

In other sector news:

(+) Beyond Meat (BYND) rose more than 11% higher after McDonald's (MCD) announced a 12-week test period for a new plant-based burger at 28 branches in southwestern Ontario beginning Sept. 30. The PLT burger - standing for plant, lettuce, and tomato - will use a Beyond Meat plant-based patty created by McDonald's.

(+) Baidu (BIDU) was ahead over 2% after the Chinese e-commerce company launched a trial of its Apollo Robotaxi service in Changsha in Hunan province, starting with a batch of 45 self-driving taxis jointly developed with Chinese carmaker FAW Group.

(-) Pier 1 Imports (PIR) dropped 12% after the retailer late Wednesday reported a Q2 net loss of $24.29 per share in fiscal Q2, expanding on a $12.68 per share loss during the same quarter last year and missing the Capital IQ consensus expecting a $15.88 per share net loss. Revenue fell 14% from the year-ago period to $304.6 million, also trailing the $315.2 million analyst mean.

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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