Sector Update: Consumer Shares Lower Pre-Market; Kohl's Earnings Nudge Past Street View


Top Consumer Shares:

WMT: flat

MCD: -0.84%

DIS: -0.04%

CVS: flat

KO: -0.50%

GE: -0.28%

Consumer shares were lower in pre-market trade Thursday.

In consumer sector news, Best Buy ( BBY ) was up 8% in pre-market trade Thursday after the retailer reported mixed Q4 results, beating on adjusted EPS, but missing on revenue and warning about the negative impact of recent changes to its business model.

Adjusted earnings for the quarter ending Feb. 1 dropped to $1.24 from $1.47 a year ago, beating the consensus forecast of $1.01, according to Capital IQ.

Revenue declined to $14.47 billion from $14.92 billion a year ago, below forecasts for $14.7 billion.

And, industrial machinery manufacturer Deere & Company ( DE ) reported late on Wednesday a definitive agreement to sell its John Deere Water irrigation operations to Israel-based private equity firm FIMI Opportunity Funds. Financial terms were not disclosed.

The company said the transaction is a part of its plan to seek strategic options for its irrigation operations.

Finally, Kohl's ( KSS ) reported fiscal Q4 earnings that were just ahead and sales that were in line with analysts' expectations and said that comparable sales fell 2% from a year earlier.

The operator of department stores said earnings in the quarter ended Feb. 1. fell 6% to $1.56 per diluted share, topping the $1.55 average estimate from analysts polled by Capital IQ. Sales fell 3.8% to $6.1 billion, in line with the consensus. Meanwhile comparable sales fell 2% in the quarter and total net income was lower 12% at $334 million from a year ago.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: BBY , DE , KSS

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