Top Consumer Stocks
Consumer stocks were narrowly higher in Monday trade, with shares of consumer staples companies in the S&P 500 climbing less than 0.1% this afternoon while the shares of consumer discretionary firms in the S&P 500 were ahead over 0.3%.
Among consumer stocks moving on news:
(+) Netflix (NFLX) turned fractionally higher this afternoon, overcoming a more than 2% decline earlier Monday, after the streaming video service announced plans for a $2 billion private placement of US dollar- and euro-denominated senior unsecured notes. The company is expecting to use the net proceeds for general corporate purposes, including content purchases and production along with potential acquisitions and strategic transactions.
In other sector news:
(+) Adtalem Global Education (ATGE) climbed 1% after the for-profit educator said it was selling its Adtalem Educacional do Brasil subsidiary to YDUQS, Brazil's second-largest education company, for around $463 million. The deal is expected to close during the second half of 2020, subject to anti-trust approval by Brazil's Administrative Council of Economic Defense and other conditions.
(-) Lennox International (LII) fell over 1% after the heating and cooling equipment company reported Q3 earnings that trailed Wall Street expectations and lowered its FY19 profit and revenue outlook. It now sees adjusted net income for the 12 months ending Dec. 31 between $11.15 to $11.45 per share, down from its prior forecast range of $11.30 to $11.90 per share but still straddling the Capital IQ consensus looking for $11.41 per share. It also trimmed the top end of its revenue guidance by 1 percentage point to a new range of 2% to 4%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.