Consumer stocks were ending broadly lower today with shares of
consumer staples companies in the S&P 500 falling about 0.8%.
Shares of consumer discretionary firms in the S&P 500 were off
In company news, Stanley Furniture Co. Inc (
) fell to an 18-year low Tuesday after booking more than $16
million in restructuring charges during the three months ended June
28 - a shake-up that also will cost the company's chief financial
officer and chief operating officer his job - while sales during
the quarter were little changed from year-ago levels.
Q2 net loss at the company reached $19.1 million, or $1.35 a
share, compared to a $3.5 million net loss during the year-ago
period. Excluding $16.2 million in mostly non-cash restructuring
costs, the net loss narrowed to $2.8 million, or $0.20 per share,
topping the Capital IQ consensus by $0.04 per share.
Revenue was little changed from the same quarter last year at
$24 mln but also beat analyst estimates by around $400,000.
As part of its restructuring, STLY said Micah Goldstein - who
shares both CFO and COO duties - will resign from the company in
mid-August. He will be replaced as CFO by Anita Wimmer, currently
STLY's vice president of finance. The company did not name a
successor for his responsibilities overseeing manufacturing and
other operations at the firm.
STLY shares were down over 9% at $2.47 apiece shortly before the
closing bell Tuesday afternoon, earlier sinking to an intra-day low
of $2.27 a share, falling to its lowest share price since April
1996. Over the past 12 months, the stock has slid around 38%.
In other sector news,
(+) GPRO, Receives an Outperform rating and a $60 price target
in new coverage at JMP Securities.
(-) APOL, U.S. Department of Education launches probe into the
administration of student financial aid by its University of
Phoenix subsidiary during the 2012-13 and 2013-14 academic years.
The review is slated to begin Aug. 4.
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