Consumer Staple Stocks Taking Lumps Today; Joseph A Banks Declines Another 6% After Warning of Q2 Shortfalls


Top Consumer Stocks,

WMT -0.7%

MCD -0.3%

DIS -0.3%

CVS -0.1%

KO -0.8%

Consumer stocks are sharply lower today with shares of consumer staple companies in the S&P 500 sinking about 0.8%. Shares of consumer discretionary stocks in the S&P are off about 0.2%.

In company news, Jos. A. Bank Clothiers ( JOSB ) is down 6% at $41.30 a share - sliding as low as $40.60 today - after the retailer forecast Q2 earnings that trail analyst expectations.

JOSB said it is expecting earnings during the three months ended Aug. 3 in a range of $0.49 to $0.53 per share, down from an $0.83 profit during the same quarter last year and missing Wall Street projections by at least $0.15 per share.

The company also said sales were down about 11% year over year, which would translate into around $231.7 million in quarterly sales compared to $260.34 million in sales last year and lagging analyst estimates by $36.14 million.

Today's price slide comes on the heels of a 4.5% loss over the previous two sessions day after BeaconLight Capital criticized JOSB for hoarding cash and failing to better communicate sales challenges. BeaconLight owns about 1% of the company's stock.

In other sector news,

(-) MO, (-0.4%) Wins tentative victory in a California class-action trial over claims smokers were misled about the health risks of Marlboro Lights, with the judge ruling plaintiffs failed to provide a reliable measure of restituion.

(-) JWN, (-3.6%) Reduces FY13 earnings guidance by as much as $0.10 to a new range of $3.60 to $3.70 per share, trailing Street view expecting $3.78 per share. Q2 EPS of $0.93 beats by $0.05. Revenue of $3.2 bln also tops estimates by $10 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: JOSB

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