Top Consumer Stocks
Consumer stocks continued to add their prior gains, with shares of consumer staples companies in the S&P 500 climbing more than 0.7% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead almost 0.6%.
Among consumer stocks moving on news:
(+) Lifeway Foods ( LWAY ) rose over 28% after the specialty beverages company announced plans to enter the cannabis market with a drink infused with cannabidiol, more commonly known as CBD, once its legalized by the US federal government. Lifeway also said it will soon file a comment in support of the FDA developing a science-based structure for the sale of products containing sales.
In other sector news:
(+) Tempur Sealy International ( TPX ) climbed 2% in late trade after Wedbush raised its price target on the mattress company to $83 from $74. The move followed the company announcing new distribution deals with Mattress Firm, Big Lots (LOTS) and Beter Bed earlier this week. Wedbush maintained its outperform rating and also kept the company's stock on its best ideas list.
(-) Carnival Corp (CCL,CUK) dropped 7.5% on Thursday as the cruise ship operator lowered its FY19 profit outlook. Excluding one-time items, the company is expecting to earn between $4.25 to $4.35 per share during the 12 months ending Nov. 30, down from its prior guidance range looking for $4.35 to $4.55 per share. Analysts, on average, are expecting non-GAAP net income this year of $4.54 per share.
(-) Pier 1 Imports ( PIR ) was finishing over 23% lower after earlier Thursday executing a 1-for-20 reverse stock split of its stock, reducing the number of outstanding shares for the retailer to around 4.2 million from 85 million shares prior to the reverse split. The company said the move was intended to boost the company's share price above the NYSE minimum of $1 a share.
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.