Consumer stocks were moderately higher with shares of consumer
staples companies in the S&P 500 adding about 0.3%. Shares of
consumer discretionary firms in the S&P 500 were ahead about
In company news, SeaWorld Entertainment (
) continued to tank Wednesday, falling to a record low after the
theme-park chain on Wednesday reported weaker-than-expected Q2
results, with earnings and sales trailing the analyst
SEAS shares were down over 33% at $18.79 apiece in mid-day
trade, earlier sinking to an all-time low of $19.67 a share.
Excluding one-time items, the company posted Q2 adjusted net
income of $37.4 million, or $0.43 per diluted share, up from a
$36.5 million profit last year and lagging the Capital IQ consensus
by $0.17 per share.
On a GAAP-basis, the company earned $37.3 million, or $0.43 per
diluted share, improving on $15.9 million net loss last year.
Revenue fell 1.5% year over year to $405.2 million, missing
estimates by around $44.13 million.
SEAS also has authorized a $250 million stock-buyback program
beginning Jan. 1, 2015.
Looking forward, the company is forecasting FY14 revenue to drop
about 6% to 7% from year-ago levels, or about $1.36 billion to
$1.37 billion, trailing estimates by at least $140 million.
In other sector news,
(+) MYCC, (+6.5%) Acquires Atlanta-based Sequoia Golf for $265
million, expanding its portfolio of private golf clubs by nearly
38% to 209, or nearly five times the size of its next largest
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