Sector Update: Consumer
Consumer stocks were slightly lower Friday with shares of consumer staples companies in the S&P 500 slipping about 0.2% while shares of consumer discretionary firms in the S&P 500 also declining 0.2%.
In company news, GNC Holdings ( GNC ) declined to a new 52-week low Friday after the health and wellness retailer today said its chief financial officer resigned to join an unnamed, private equity-backed consumer products company.
GNC said Michael Nuzzo would stay with the company at least another month to manage preparation of the company's financial data and 10-Q quarterly report for the 13 weeks ended June 30. Both are scheduled for release in late July or early August, it said.
No successor was immediately named and the company said it soon plans to begin a search for a new CFO.
GNC shares recently were down 5.4% at $35.01 apiece, earlier sinking to a new 52-week low at $34.38 a share. Over the past 12 months, the stock has fallen nearly 23%.
In other sector news,
(+) OPEN, Agrees to $2.6 bln cash buyout offer from Priceline ( PCLN ), which will pay $103 a share for the restaurant reservation service, a 46% premium over OPEN's closing price on Thursday. A Q3 closing is expected.
(-) LUB, Halves 2014 same-store sales growth projection to 0.5% with total restaurant sales seen near the lower end of $375 mln to $385 mln guidance. Non-GAAP Q3 EPS of $0.04 tops single analyst estimate by $0.01 per share.
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