Consumer Stocks Higher in Recent Trade

Consumer stocks were moderately higher, with shares of consumer staples companies in the S&P 500 climbing 0.6% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead 0.5%.

Among consumer stocks moving on news:

(+) Nova Lifestyle (NVFY) rose 10% after the home furnishings company said its board of directors has authorized a new stock buyback program for up to $2 million of its common shares. The share repurchase program began June 5, the company said.

In other sector news:

(+) Casey’s General Stores (CASY) climbed 11.5% on Tuesday after the convenience-store chain reported better-than-expected financial results for its Q4 ended April 30. Net income rose to $0.68 per share compared with $0.51 per share during the year-ago period and surpassing the Capital IQ consensus by $0.19 per share. Group revenue rose 4.3% year over year to $2.18 billion, also topping the $2.12 billion analyst mean.

(-) Beyond Meat (BYND) slid 22% following a JPMorgan downgrade to neutral from an overweight investment recommendation previously although the brokerage raised its price target for the plant-based meat substitute-maker by $1 to $121 a share.

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