Consumer Stocks Slip Underwater Just Before Bell; Disney Boosting Stock Buybacks At Least 50%

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Top Consumer Stocks

WMT -0.21%

MCD -0.26%

DIS +2.72%

CVS +0.10%

KO -0.23%

Consumer stocks are little changed this afternoon with shares of consumer staple companies in the S&P 500 currently drifting less than 0.1% lower while shares of consumer discretionary stocks in the S&P are down 0.2%.

In company news, The Walt Disney Co ( DIS ) is up 3.3% in late trade at $66.05, climbing as high as $66.30 after Chief Financial Officer Jay Rasulo said the media conglomerate will increase its stock buybacks in its upcoming fiscal year by 50% or more.

DIS is planning to repurchase between $6 billion to $8 billion of its shares during fiscal 2014 beginning next month, Rasulo said at a Bank of America Merrill Lynch conference. That compares, he said, with the company's recent trend of buying back around $4 billion of its shares annually.

In other sector news,

(+) SEAS, Sees FY13 adjusted EBITDA climbing to a record $430 mln to $440 mln; the Street is at $434 million. Said total revenue through August is up 3% over year-ago levels while admission revenue is 4% higher. Declares $0.20 per share dividend.

(-) LULU, Q2 earnings and revenue both top estimates but the clothier still struggling with hangover from March recall of its Luon yoga pants, trimming its FY13 EPS forecast by up to $0.04 to $1.94 to $1.97 per share. It also cut revenue forecasts.



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