Sector Update: Consumer Staple Stocks Still Adding to Gains; Tesla Driving Away With 4% Advance After Q2 Results

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Consumer stocks were mixed in late-afternoon trade with shares of consumer staples companies in the S&P 500 climbing almost 0.9%. Shares of consumer discretionary firms in the S&P 500 were down almost 0.3%.

In company news, Tesla Motors Inc ( TSLA ) was higher in late Friday trading and the electric-car manufacturer late yesterday reporting better than expected Q2 earnings although revenue came up short of Wall Street projections.

Net loss for the three months ended June 30 widened to $62 million, or $0.50 per share, from a $31 million loss a year ago as it increased spending to develop its second car model and added employees as it expands into China.

Excluding a non-cash charge tied to the company's convertible-note offering earlier this year and stock-based compensation for executives, the company earned $16 million, or $0.11 cents a share, topping analyst estimates by $0.07 per share.

Revenue rose 89% from a year earlier to $769.3 million, trailing the Street by $32.6 million. The company delivered 7,579 Model S sedans during the quarter, slightly above its guidance of 7,500 deliveries.

Also, Goldman Sachs today raised its price target for TSLA shares to $210, the company's accelerated delivery schedule while reiterating its Neutral rating for the stock. The brokerage also boosted its per-share earnings estimates through 2016.

TSLA shares were up about 4% shortly before Friday's closing bell at $233.01 apiece, earlier climbing to an intra-day high of $237.50 a share. The stock has traded in a 52-week range of $116.10 to $265.00 a share, advancing over 73% over the past 12 months.

In other sector news,

(+) SKUL, Q2 EPS of $0.06 per share beats by $0.05. Revenue climbs 6.1% over year-ago levels to $53.9 mln, in-line with estimates. Guides FY14 EPS above $0.19 per share consensus. Sees revenue growing in high-single percentage digits vs. 7% Street view.

(-) YRCW, Narrows net loss to $4.9 million, or $0.16 per share, from $15.1 million last year but still $0.15 wider than analyst estimates. Revenue rises 6% to $1.32 bln, roughly matching Street view.



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This article appears in: Investing , Commodities

Referenced Stocks: TSLA

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