Sector Update: Consumer

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Consumer stocks are lower this afternoon, with shares of consumer staples companies in the S&P 500 sinking about 0.9% while shares of consumer discretionary firms in the S&P 500 are down about 0.6%.

In company news, Crown Holdings Inc ( CCK ) is down just 0.25% at $43.36 a share, climbing back from 3.7% decline to a $41.85 intra-day low. The packaging company cut its guidance for the current quarter below Wall Street estimates, citing lower-than-expected demand in selected markets. It also announced plans to cut 300 jobs in Europe.

CCK now sees Q3 earnings in a range of $1.05 to $1.10, down from its prior guidance expecting EPS of $1.15 to $1.25 and trailing the Capital IQ consensus for the period by at least $0.11 per share.

The company also said it will record a $32-million pre-tax restructuring charge in Q3, reflecting plans to reduce headcount throughout its European operations, primarily in the food, aerosol and specialty packaging businesses. On a per-share basis, the restructuring charge will trim $0.21 from Q3 net income.

In other sector news,

(+) ASNA, (+14.4%) Q4 adjusted earnings of $0.34 per share beats analyst expectations by $0.13. Sales rise 27.5% year over year to $1.2 bln, also topping expectations by $40 mln. Guides FY14 EPS below consensus.

(-) AIR, (-9.9%) Q1 revenue declines 6.5% year over year to $514.5 mln, trailing the Capital IQ consensus by $27.61 million. Net income of $0.45 per share matches estimates.



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This article appears in: Investing , Commodities

Referenced Stocks: CCK

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