Top Consumer Stocks
Consumer stocks are lower this afternoon, with shares of
consumer staples companies in the S&P 500 sinking about 0.9%
while shares of consumer discretionary firms in the S&P 500 are
down about 0.6%.
In company news, Crown Holdings Inc (
) is down just 0.25% at $43.36 a share, climbing back from 3.7%
decline to a $41.85 intra-day low. The packaging company cut its
guidance for the current quarter below Wall Street estimates,
citing lower than expected demand in selected markets. It also
announced plans to cut 300 jobs in Europe.
CCK now sees Q3 earnings in a range of $1.05 to $1.10, down from
its prior guidance expecting EPS of $1.15 to $1.25 and trailing the
Capital IQ consensus for the period by at least $0.11 per
The company also said it will record a $32-million pre-tax
restructuring charge in Q3, reflecting plans to reduce headcount
throughout its European operations, primarily in the food, aerosol
and specialty packaging businesses. On a per-share basis, the
restructuring charge will trim $0.21 from Q3 net income.
In other sector news,
(+) ASNA, (+14.4%) Q4 adjusted earnings of $0.34 per share beats
analyst expectations by $0.13. Sales rise 27.5% year over year to
$1.2 bln, also topping expectations by $40 mln. Guides FY14 EPS
(-) AIR, (-9.9%) Q1 revenue declines 6.5% year over year to
$514.5 mln, trailing the Capital IQ consensus by $27.61 million.
Net income of $0.45 per share matches estimates.
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