Sector Update: Consumer

By Staff,

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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 around 0.4%.

In company news, Stanley Furniture Co. Inc ( STLY ) 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.

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: STLY

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