Sector Update: Consumer Shares Mixed as Apple Releases Latest iPhone

By Staff,

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Top Consumer Shares:

WMT: +0.01%

MCD: -0.17%

DIS: flat

CVS: -0.02%

KO: +0.15%

GE: -0.25%

Consumer shares are mixed in pre-bell trading today as Apple ( AAPL ) is releasing its latest iPhone models this morning. AAPL is up 1.6% in morning trade as consumers are lined up in droves in front of Apple's retails stores.

In other consumer news, Darden Restaurants ( DRI ) reports its quarterly earnings. DRI fell about 5% in pre-market trading after saying its fiscal Q1 earnings fell 38% to $0.53 from $0.85 the year earlier, also missing the $0.71 average Capital IQ analyst estimate. Sales rose 6.1% to $2.16 billion largely in line with the consensus estimate for sales of $2.2 billion.

The company said it will take steps to cut yearly spending by approximately $50 million by cutting staff and programs. For 2014, spending will be down by $25 million, although offset by $10 million in upfront costs related to implementation of the plan.

Finally, Navios Maritime ( NM ) subsidiary Navios Maritime Acquisition has filed a $500 million mixed shelf registration with the SEC. NM shares have nudged up 0.1% at $7.50 in pre-market trade.

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

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

This article appears in: Investing Commodities
Referenced Stocks: AAPL , DRI , NM

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