Consumer stocks were mixed Monday, with shares of consumer
staples companies in the S&P 500 about 0.1% and shares of
consumer discretionary firms in the S&P 500 were down 1.4%.
In company news, shares of high-end jewelry retailer Tiffany
& Co. (
) fell Monday after analysts at Goldman Sachs today removed the
stock from its Conviction Buy list, saying sales and profit growth
is playing out slower than expected.
Goldman also set a $100 price target for TIF shares.
The downgrade follows TIF on Friday announcing adjusted Q4
earnings of $190 million, or $1.47 per share, up from a $1.40 per
share gain in the year-ago period but still trailing analyst
projections for the three months ended Jan. 31 looking for adjusted
net income of $1.52 per share.
Global net sales rose 5% year over year to $1.3 billion, roughly
in-line with the Capital IQ consensus. Same-store sales climbed 6%
over the same quarter last year. TIF also forecast FY14 earnings,
if comparable, topping analyst projections by at least $0.26 per
share, or nearly 7%.
TIF shares were down 3.9% at $87.18 a share in recent trading,
earlier tumbling to an intra-day low of $86.76. The stock has a
52-week range of $67.80 to $90.06 a share.
In other sector news,
(+) NUS, (+18.6%) Chinese authorities conclude investigation
into the company's selling practices, fining the direct seller
$540,000. Six employees also fined $16,000 for unauthorized
(-) CTRP, (-2.8%) Shares of travel websites fall after CTrip
said an internal probe uncovered 93 possible leaks of customer data
accessed using an unaffiliated website. TripAdvisor (
) slides 4.5%, priceline.com (
) declines 4.2% and Expedia (
) dips 2.9%.
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