Sector Update: Consumer

By Staff,

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Consumer stocks are mixed this afternoon, with shares of consumer staples companies in the S&P 500 slipping about 0.2% while shares of consumer discretionary firms in the S&P 500 now are up about 0.5%.

In company news, Sorl Auto Parts ( SORL ) is up more than 32% at $3.51 a share after the usually lightly traded company said it has hired MaloneBailey as its new accounting firm.

The new firm takes over from EFP Rotenberg, which resigned in July after it withdrew its Chinese auditing practice.

Shares hit a new 52-week high of $4.85 with volume ballooning 100 times over its normal daily trading volume of 15,178 shares changing hands.

In other sector news,

(+) MELI, (+4.4%) Q2 earnings of $0.67 per share beats analyst consensus by $0.02. Revenue rises 26.4% from same quarter last year to $112.2 million, topping the Street view by $3.85 million. Gross profit margin was 72.3%, down 0.9 percentage points year over year.

(-) WTW, (-17.7%) Reduces FY13 earnings outlook to $3.55 to $3.70 per share from its prior guidance of $3.60-3.90. The Street is at $3.70 per share. Q2 EPS tops estimates by $0.30, revenue also beats. Promotes President and Chief Operating Officer James Chambers to CEO.

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: SORL

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