Top Consumer Stocks
KO - 0.05%
Consumer stocks were continuing their advance for a third day this week, although shares of consumer staples companies in the S&P 500 were climbing less than 0.1% in recent trading while shares of consumer discretionary firms in the S&P 500 were posting a nearly 0.6% advance.
Among consumer stocks moving on news:
+ Rent-A-Center ( RCII ) has turned moderately lower again Wednesday afternoon, retracing a portion of a more than 2% mid-morning decline after late Tuesday saying it was continuing to review a $750 million buyout offer from Vintage Capital Management. The "best and final" $14-per-share bid represents a 11.8% premium to Tuesday's closing price and follows the rent-to-own retailer on Sunday saying it had completed a strategic review and was no longer up for sale. Vintage has set a deadline of 5 p.m. ET on Friday for its proposal.
In other sector news:
+ Korn/Ferry International ( KFY ) jumped to a record high on Wednesday, climbing almost 21% to a best-ever $68.34 a share after the executive headhunter reported fiscal Q4 earnings and revenue exceeding Wall Street expectations. Excluding one-time items, the company earned $0.80 per share during the three months ended April 30, improving on a $0.62 per share non-GAAP profit during the year-ago period and beating the Capital IQ consensus by $0.10 per share. Revenue grew to $475.4 million from $406.4 million during the same quarter last year, also topping the $454.4 million Street view. Looking forward, Korn/Ferry is projecting non-GAAP Q1 net income in a range of $0.67 to $0.75 per share on $450 million to $470 million in revenue, surpassing the analyst means by at least $0.01 per share and $19.6 million, respectively.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.