Top Consumer Stocks
Consumer stocks have turned mixed in late trade, with shares of consumer staples companies in the S&P 500 climbing about 0.1% while shares of consumer discretionary firms in the S&P 500 declined about 0.3% this afternoon.
In company news, AdvancePierre Foods Holdings ( APFH ) served up some tasty gains for investors during its debut as a publicly traded company, with shares of the sandwich and other prepared foods seller jumping as 15.4% on its first day.
The company overnight sold 11.1 million shares priced at $21 apiece, near the low end of its expected $20 to $23 range and generating around $233.1 million in gross proceeds. Early-stage investors, including Oaktree Capital Management and Allen-McLaughlin APF Holdings, sold another 7.5 million shares in the deal, pocketing a combined $157.5 million and putting up another 2.8 million shares for underwriters to cover potential overallotments.
AdvancePierce plans to use net proceeds to repay a portion of the company’s first lien term loan.
APFH shares were up almost 15% at $24.10 each in recent trade, opening today at $21.50 and climbing as high as $24.25 a share before settling into their current range.
In other sector news,
(+) CIDM, Reports Q4 net loss of $0.95 per share, improving on a $1.44 per share net loss last year and coming in $0.10 per share narrower than Capital IQ consensus. Revenue falls to $23.2 mln from $27.6 mln, matching estimates.
(-) UUU, Further delays filing of 10-K annual report for 12 months ended March 31, 2016. Sees Q4 net loss of $0.36 per share, expanding on a $0.32 per share net loss year. Revenue climbs to $3.4 mln from $2.8 mln last year.
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