Top Consumer Stocks
Consumer stocks were declining this afternoon with shares of consumer staples companies in the S&P 500 down about 0.3%. Shares of consumer discretionary firms in the S&P 500 also slid about 0.3%.
In company news, Extended Stay America ( STAY ) was set to finish more than 4% lower Wednesday after the owner and operator of company-branded hotels announced plans for a secondary offering of 21 million paired shares.
The Blackstone Group ( BX ), Centerbridge Partners and Paulson & Co. each will sell 7 million of the paired shares, reducing their respective stakes by 12.5% to around 48.7 million paired units, according to the preliminary prospectus.
Each paired share consists of one share of STAY common stock and one Class B share of ESH Hospitality Inc.
STAY shares were down 4.5% at $22.66 each, earlier sliding to a session low of $22.50 a share.
In other sector news,
(+) ULTA, Q1 EPS of $0.77 beats by $0.03 per share. Revenue rises 22.5% year over year to $713.8 mln, topping consensus view by $13.86 mln. Sees Q2 revenue of $706 mln to $717 mln, exceeding estimates by at least $3 mln.
(-) UNFI, Narrows FY14 profit outlook to a new range of $2.47 to $2.50 per share, trailing consensus view by at least $0.01. Earns $0.73 per share in Q3, up from $0.64 per share last year and matching analyst estimates. Sales rise 13.3%.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.