Sector Update: Consumer Stocks Higher on Retailer Results; GNC Doubles Stock-Buyback Authorization to $500 Mln
Top Consumer Stocks
Consumer stocks were mostly higher with shares of consumer staples companies in the S&P 500 climbing about 0.2%. Shares of consumer discretionary firms in the S&P 500 were ahead 0.4%.
In company news, GNC Holdings ( GNC ) was higher Thursday after the health-supplements retailer doubled its stock buyback program over its remaining authorization to a new total of $500 million.
The repurchases are expected to take place over the next 24 months, GNC said.
GNC shares were up about 2.5% at $35.02 apiece, earlier rising to a session high of $35.45 a share. The stock has traded within a 52-week range of $30.84 to $60.98 a share, declining about 33.3% over the past 12 months.
In other sector news,
(+) ORLY, (+1.1%) Authorizes additional $500 mln for stock buyback, increasing its share repurchase program to $4.5 bln over the next three years.
(-) NDLS, (-17.6%) Q2 adjusted EPS of $0.12 trails Street view by $0.03 per share. Revenue rises 11.5% to $99.5 mln, lagging consensus by $3.46 mln. Lowers expected EPS growth to flat from prior guidance of 25%. Analysts looking for 18% growth this year.
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