Consumer stocks are narrowly mixed today with shares of consumer
staple companies in the S&P 500 falling about 0.1% while shares
of consumer discretionary stocks in the S&P are up nearly
In company news, Conns Inc. (
) is down over 10% at near $61.20 a share, earlier tumbling as low
as $59.10 after reporting weaker-than-expected Q2 earnings, hurt by
trouble in the home-appliances and furniture retailer's credit
CONN earned $0.52 per share during Q2, trailing the Capital IQ
consensus by $0.08. The retailer's credit segment took a $21.3
million provision for bad debts during the three months ended July
31, up $9.3 million from year-ago levels as delinquency rates rose.
Revenue rose 30.5% year over year to $270.7 million, beating
estimates by $9.3 million.
CONN's FY13 guidance also disappointed, with the electronics
seller reiterating EPS of $2.50 to $2.65 per share, falling at
least a penny below Wall Street's expectations.
In other sector news,
(+) CMLS, (+2.1%, hits fresh 52 week highs) Moody's Investors
Service concludes the broadcaster's $260-mln planned acquisition of
Dial Global will not have an immediate impact on the its credit
(-) GEF, (-4.3%) Q3 earnings of $0.80 per share trail estimates
by $0.09. Revenue climbs 2.4% year over year to $1.13 bln, missing
the consensus view by just $10 mln. Reiterates expectations for
FY13 EBITDA of $475 mln to $500 mln.
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