Sector Update: Consumer


Consumer stocks were higher Friday with shares of consumer staples companies in the S&P 500 rising 1.0%. Shares of consumer discretionary firms in the S&P 500 were up 1.5%.

In company news, Ignite Restaurant Group ( IRG ) slid to an all-time low Friday after the parent company for Joe's Crab Shack and the Macaroni Grill reported a big miss with its Q2 net income of revenue.

After the close on Thursday, the restaurant company reported Q2 non-GAAP adjusted net income of $2.0 million, or $0.08 per share, up from a $973,000 profit last year but trailing the Capital IQ consenus by $0.16 per share.

On a GAAP basis, the company earned $1.8 million, or $0.07 per share, reversing a $2.5 million net loss during the same quarter last year.

Revenue rose 0.7% year over year to $229.8 million, trailing analyst estimates by around $9.2 million.

IRG shares were down nearly 35% in late trade at $8.07 apiece, earlier falling to a new record low of $7.60 a share.

In other sector news,

(+) MELI, Q2 adjusted EPS of $0.72 tops estimates by $0.16 per share. Revenue rises 17.5% year over year to $131.8 mln, beating Capital IQ consensus by $20.46 mln.

(-) POST, Expands peanut butter operations with $128 mln acquisition of American Blanching. Deal is expected to contribute around $135 mln in net sales and between $14 mln to $16 mln of adjusted EBITDA on full-year basis.

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: IRG

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