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.

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: TSLA

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