Sector Update: Consumer


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Consumer stocks were rising, with shares of consumer staples companies in the S&P 500 adding about 0.3% while shares of consumer discretionary firms in the S&P 500 were about 0.3% higher.

In company news, Penske Automotive Group ( PAG ) was more than 7% higher in recent trade after the auto-parts retailer this morning reported Q1 per-share earnings and revenue exceeding Wall Street expectations.

The company earned $0.73 per share during the three months ended March 31, $0.02 better than the Capital IQ consensus. Revenues rose 20.9% year over year to $4.05 bln, topping the Street view by around $340 million. Same-store retail revenue was up 14.9% over year-ago levels.

PAG shares were up 7.1% at $46.14 apiece near mid-day, earlier climbing to a session high of $46.84 a share. The stock has a 52-week range of $27.61 to $47.79 a share, advancing 59% over the past 12 months.

In other sector news,

(+) BODY, (+3.9%) Announces review of strategic alternatives, hiring Houlihan Lokey Capital as financial advisor or placement agent.

(-) ORLY, (-0.5%) Guides Q2 EPS at least $0.02 below consensus view while FY14 earnings forecast also trails estimates by at least $0.02 per share. Q1 net income of $1.61 per share beats by $0.03. Revenue grows 9% to $1.73 mln, matching Street.

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

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