Consumer Cos Climb on Earnings Optimism — Consumer Roundup

Consumer companies rose sharply as amid earnings optimism.

Hilton Hotels rose and tested all-time highs after the hotel chain boosted its adjusted profit projection for the year.

Mortgage rates rose for the third week in a row to the highest level since November, moving beyond 7%, prompting some home buyers to seek refuge in adjustable-rate mortgages.

Italian design house Prada reported an increase in revenue for the first three months of the year, despite what it called a more challenging market environment as the luxury sector grapples with slowdown in sales growth.

Blackstone agreed to buy fruit-drink-franchise chain Tropical Smoothie Cafe for about $2 billion.

Moncler posted first-quarter sales above Wall Street targets, driven by solid demand in China.

A plunge in Chinese demand hurt luxury rival Kering in the first quarter. he maker of Transformers action figures and Monopoly board games said it swung to a first-quarter profit, even as revenue fell 24%. Excluding recent divestitures, revenue would have fallen 9%, the company said.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

April 24, 2024 17:17 ET (21:17 GMT)

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