Top Consumer Stocks
Consumer stocks continued to lose ground in late Monday trade, with the shares of consumer staples companies in the S&P 500 sinking almost 0.5% this afternoon while the shares of consumer discretionary firms in the S&P 500 were falling nearly 0.6%.
Among consumer stocks moving on news:
(+) Red Robin Gourmet Burgers (RRGB) Monday rose over 5% after a new regulatory filing showed activist investors VIEX Capital Advisors acquired a 6.7% equity stake in the restaurant chain, with plans to eventually boost its ownership in the company above 10%. VIEX Capital also said it was disappointed Red Robin failed to develop a strategic plan to increase shareholder value after it rejected an unsolicited $40 per share buyout offer from Vintage Capital.
In other sector news:
(+) Nio (NIO) climbed almost 57% after the Chinese electric vehicle company Monday reported a non-GAAP Q3 net loss of RMB2.38, improving on an RMB10.35 per share adjusted loss during the same quarter last year and topping the Capital IQ consensus expecting an RMB2.63 per share net loss, excluding one-time items. Total revenue grew 25.2% over year-ago levels to RMB1.84 billion, also exceeding the RMB1.65 billion analyst mean.
(-) Restaurant Brands International (QSR) slipped 1% following the Toronto-based fast-food company late Friday saying Alexandre Macedo will step down on Tuesday as president of its Tim Hortons division and leave the company in March after assisting with the transition for his successor.
(-) Telsa (TSLA) slid almost 4% after Cowen & Co. Monday reiterated its underperform rating on the electric car-maker but raised its price target for the company's shares by $20 to $210 each. The company Monday also said it delivered the first of its China-made Model 3 electric cars, four days after China's industry ministry approved an exemption on purchase taxes for the vehicle.
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