Sector Update: Consumer

By Staff,

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Consumer stocks are mixed today with shares of consumer staple companies in the S&P 500 advancing 0.5%. Shares of consumer discretionary stocks in the S&P are down nearly 0.1%.

In company news, Brinker International Inc.'s ( EAT ) is narrowly lower at $41.37 a share, down 0.1%, in late trade, swinging between small gains and losses through most of the day after the restaurant chain announced a 20% increase in its quarterly dividend and expanded its stock buyback program by another $200 million.

The new dividend will be $0.24 per share - up from $0.19 in the prior quarter - payable Sept. 26 to shareholders of record on Sept. 6.

The EAT board also increased its share repurchase program by $200 million, raising its overall size to around $480 million.

In other sector news,

(+) ROST, Q2 earnings of $0.98 per share beat FactSet consensus expecting $0.93 per share. Sales rose 8.7% year over year to $2.5 billion, matching forecasts. Also, FBR Capital raised its price target for ROST shares by $3 to $77 a share.

(-) ARO, Q2 per-share net loss of $0.34 is $0.09 wider than analyst consensus. Revenue falls 6% year over year to $454.03 mln, in-line with estimates.

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: EAT

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