Consumer Stocks Edging Higher This Afternoon

Consumer stocks were slightly higher this afternoon, with shares of consumer staples companies in the S&P 500 adding about 0.4% in value today while shares of consumer discretionary firms in the S&P 500 were climbing about 0.2%.

In company news, Skywest (SKYW) shares climbed to a new all-time high on Thursday after analysts at Cowen today increased their price target for the discount airline by $6 to $40 a share, also reiterating their outperform overall rating for the stock.

The move follows Skywest earlier today saying it was cancelling an order for 76 CRJ200 passenger jets from Bombardier (BBD-B.TO) as part of its ongoing fleet transition slated for completion in 2017. Bombardier has agreed to pay a $90 million termination fee by next month, Skywest said, adding it has placed 12 of its dual-class CRJ200 aircraft with American Airlines (AAL) through a multiple-year contract by its ExpressJet leasing unit.

SKYW shares were up more than 7% today at $39.25 apiece, retracing much of a prior advance to a best-ever $39.30 earlier today. AAL shares also were higher today, increasing almost 3% to $49.19 each following a 4.2% rise this morning to $49.95 a share.

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