Consumer stocks were moderately lower Friday afternoon with
shares of consumer staples companies in the S&P 500 slipping
about 0.2%. Shares of consumer discretionary firms in the S&P
500 were down about 0.4%.
In company news, J.C. Penney Co. Inc. (
) was lower in mid-day trade Friday, with shares reversing an
initial advance that following the department-store retailer last
night reporting a smaller adjusted Q2 net loss than analysts were
expecting and same-store sales that exceeded Wall Street
Excluding one-time items, the company posted Q2 adjusted net
loss of $0.75 per share, beating analyst estimates by $0.20 per
share. Revenue rose 5.1% year over year to $2.8 billion, edging out
the consensus view by around $20 million.
On a GAAP basis, it lost $172 million, or $0.56 per share,
during the quarter, improving on a $586 million loss last year.
The company also said sales at stores open at least one year
climbed 6.0% during the over year-ago levels, the third consecutive
quarter of positive same-store growth.
JCP shares were down about 3.5% at $9.40 each in early afternoon
trade, just off its session low of $9.34 and giving back a small
0.5% gain for shares during the first hour of today's session. The
stock has traded in a 52-week range of $4.90 to $14.65 a share,
slipping slightly more than 32% over the past 12 months.
In other sector news,
(+) MNST, (+30.2%) Enters long-term strategic partnership with
), which will buy 16.7% stake in MNST for $2.15 bln. The deal
includes KO contributing its energy portfolio to MNST, which will
contribute its non-energy portfolio to KO.
(-) EVRY, (-7.3%) Reports Q2 net loss of $26.9 mln, or $1.31 per
share, which may not be comparable to Capital IQ consensus
expecting $0.31 loss. Excluding items, adjusted loss was $0.95 per
share. Revenue falls 1.0% to $99.8 mln, lagging Street by