Sector Update: Consumer

By Staff,

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Consumer stocks are higher today with shares of consumer staple companies in the S&P 500 advancing 0.6%. Shares of consumer discretionary stocks in the S&P are up 1.1% higher.

In company news, GameStop Corp. ( GME ) shares are up 11.3% at $53.00 each, earlier setting a new 52-week high of $56.08 after reporting Q2 EPS of $0.09, beating the Capital IQ consensus estimate by $0.05 per share.

Revenue for the quarter dropped 10.7% year over year to $1.38 billion roughly matching analyst estimates looking for $1.4 billion.

Looking forward, GME sees Q3 earnings of $0.50 to $0.55 per share, topping the Street view by at least $0.14 per share. It also narrowed its FY13 EPS guidance, raising the bottom of its projected range by $0.10 to $3.00 while lifting the top by $0.05 to $3.20 per share. The Street view is at $3.13 per share.

In other sector news,

(+) CVO, Agrees to buy all of the operating assets of National Envelope out of bankruptcy protection for about $20 million in cash and $5 million in stock.

(-) VVTV, Q2 net loss of $0.02 per share trails Capital IQ consensus by $0.03. Revenue climbs 9.9% to $148.6 mln, topping estimates by about $2.0 mln.

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: GME

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