Consumer stocks were slightly lower, with shares of consumer
staples companies in the S&P 500 slipping about 0.1%. Shares of
consumer discretionary firms in the S&P 500 also were down
In company news, Lithia Motors (
) shares climbed to within a short distance of its 52-week high set
earlier this month after the auto dealership chain late Tuesday
reported positive Q2 results.
LAD shares were up nearly 4% in recent trade at $93.94 apiece.
The stock earlier rose to $97.00 a share, just 20 cents under its
July 7 high.
The company earned $35.2 million, or $1.34 per diluted share, on
adjusted basis during its June quarter, beating its $27.4 million
adjusted profit during the year-ago period and beating analyst
estimates by $0.11 per share.
Revenue from continuing operations rose 21% year over year to
$1.2 billion, matching Wall Street expectations for the period.
Retail sales of new vehicles at locations open one year or more
climbing 12% while retail same-store sales of used cars increased
11% over the same quarter last year.
For the current quarter ending in September, LAD is projecting
per-share earnings in a range of $1.36 to $1.38, topping the
analyst consensus by at least $0.05 per share. Revenue is seen
coming in a range of $1.2 billion to $1.3 billion, exceeding the
Street view by at least $100 million.
In other sector news,
(+) HA, (+13.4%) Earns $0.35 per share during Q2, ex items,
beating Capital IQ consensus by $0.02. Revenue rises 7.8% year over
year to $575.7 mln, topping estimates by around $4.77 mln.
(-) IRBT, (-8.5%) Revenue rises 7.2% year over year to $139.8
mln, trailing Street view by $3.2 mln. EPS of $0.28 is unchanged
from last year but beats estimates by $0.06 per share. Projected
FY14 results match analyst expectations.
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