Consumer stocks are mixed with shares of consumer staples
companies in the S&P 500 climbing 0.1%. Shares of consumer
discretionary firms in the S&P 500 are down about 0.2%.
In company news, EW Scripps Company (
) is down nearly 10% at $15.03 a share after the media company
reported Q2 earnings and revenue that missed analysts'
Q2 earnings fell to $0.05 per share from $0.09 the year earlier,
trailing analyst forecasts by $0.03 per share. Revenue declined
4.2% from the same quarter last year to $207.9 million, trailing
Wall Street estimates by $4.1 million.
Looking forward to Q3, SSP is expecting television revenues to
decline in the mid-to high teens on a percentage basis with
newspaper revenues expected to continue a "moderate" fall. Expenses
are projected to decline by a low-single digit.
FY13 television revenues are seen falling by the low-teens
compared to last year due to the political off-year. Newspaper
revenues are expected to decline at a low-single digit rate, with
the drop in expenses for the newspaper segment exceeding the
decline in revenue this year.
In other sector news,
(+) TSN, Forecasts FY13 revenue outlook that tops expectations.
Q3 results also beat Street view.
(-) FOSL, Barclays downgrades the fashion accessories company to
Underweight from Equalweight.
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