Consumer stocks are slightly higher this afternoon, with shares
of consumer staples companies in the S&P 500 advancing 0.1%.
Shares of consumer discretionary firms in the S&P 500 are up
less than 0.1%.
In company news, CVS Caremark (
) shares fell this afternoon after the drugstore retailer said
Wednesday it will stop selling tobacco products at its 7,600 store
locations by Oct. 1.
The nation's second largest drugstore chain will begin phasing
out cigarettes, cigars and chewing tobacco, saying it expects to
lose about $2 billion in annual revenue, or about 1.6% of its 2012
sales. It did not change its forecast for FY14 per-share
The company declined to say what will replace tobacco behind
cash registers at the front of its stores.
CVS shares were down 0.6% at $65.69 each in recent trade, near
their best levels of the session. Shares of rival drugstore chains
were mostly higher, with Walgreen's (
) gaining 2.3% and Rite Aid (
) adding around 1.5%.
In other sector news,
(+) GTN, (+4.6%) Raised to Outperform from Market Perform at
(-) CHRW, (-8.8%) Q4 EPS of $0.62 misses by $0.06 per share.
Revenue advances 6.1% over year-ago levels to $3.15 bln, lagging
Wall Street expectations by around $110 mln. Truckload revenues
decrease 5.6% year over year while truckload volume rose 7%.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.