Top Consumer Stocks
Consumer stocks have turned around their mid-day declines, with shares of consumer staples companies in the S&P 500 climbing nearly 0.2% this afternoon while shares of consumer discretionary firms in the S&P 500 also were up less than 0.1%.
Among consumer stocks moving on news:
(-) Pier 1 Imports ( PIR ) plunged 26% on Thursday after the retailer reported a 19.5% year-over-year drop in Q4 sales to $412.5 million and lagging the Capital IQ consensus call expecting $420.73 million. It also recorded an $0.85 per share quarterly loss, also missing the analyst mean looking for a $0.24 per share net loss.
In other sector news:
(+) Snap-On ( SNA ) rose 7% on Thursday after the tool company reported adjusted Q1 net income of $3.01 per share, up from $2.79 during the same quarter last year and topping the Capital IQ by $0.11 per share.
(+) Constellation Brands ( STZ ) climbed nearly 4% on Thursday after Canopy Growth Corp ( CGC ) announced a $3.4 billion deal to acquire Vancouver-based Acreage Holdings as soon as federal lawmakers legalize cannabis. The beverage giant owns almost 40% of Canopy. It also holds warrants that if exercised it does not expect would push its stake above 50%.
(-) Skechers U.S.A. ( SKX ) dropped 10.5% after the footwear company reported Q1 net income of $0.71 per share, slipping from $0.75 per share during the year-ago period and missing the Capital IQ consensus by $0.02 per share. Net sales rose 5.2% year-over-year on a constant currency basis to $1.28 billion but also lagged the $1.30 billion analyst mean.
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