Sector Update: Consumer

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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 ( SSP ) is down nearly 10% at $15.03 a share after the media company reported Q2 earnings and revenue that missed analysts' forecasts.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: SSP

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As of 4/17/2014, 04:07 PM