Top Consumer Stocks
Consumer stocks were putting up solid gains on the board Wednesday, with shares of consumer staples companies in the S&P 500 adding over 0.4% in extra value today while shares of consumer discretionary firms in the S&P 500 were rising more than 0.5%.
In company news, American depository shares of Phoenix New Media Ltd ( FENG ) surged 33%, topping out today at $3.88 per ADS after the Chinese broadcaster and online content producer last night reported a surprise Q2 profit and revenue exceeding Wall Street expectations and issued revenue guidance for the current quarter also beating the analyst mean.
Net income for the three months ended June 30 was RMB0.35 per ADS, or about $0.05 per share, up sharply from the company’s RMB0.03 per ADS gain during the same quarter last year and blowing past the Capital IQ consensus modeling a RMB0.04 per ADS net loss. Revenue grew 12.3% over year-ago levels to RMB393.3 million, or about $58 million, also topping the $54.5 million analyst mean.
For the three months ending Sept. 30, Phoenix New Media is projecting revenue in a range of RMB396 million to RMB411 million, or coming in between $59.3 million to $61.6 million and inching past the $59 million consensus call.
In other sector news,
(+) URBN, (+17.8%) Q2 EPS of $0.44 beats analyst consensus by $0.08 per share. Total net sales slip 2% from year-ago levels to $873 mln and also exceeding the $859.4 mln Street view. RBC Capital Markets raises price target by $4 to $21 a share while the Telsey Advisory Group increases its price target for the company’s stock by $2 to $22.
(-) RAVE, (-17.3%) Begins $5 mln rights offering, with shareholders of record on Aug. 1 receiving the right to buy 0.3351393 of the company’s stock for each share they currently own at $1.40 apiece.
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