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Sector Update: Consumer
By: MT Newswires
Consumer stocks are higher shortly before the closing bell with shares of consumer staples companies in the S&P 500 rising 0.25% while shares of consumer discretionary firms in the S&P 500 are ahead nearly 0.6%.
In company news, investors apparently are taking the recent departure of the chief technology officer at Angie's List Inc. ( ANGI ) very hard, pushing shares of the consumer services-rating firm over 9% lower to $20.45 apiece.
Manu Thapar, the company's chief technology officer, left ANGI, effective Sept. 27, according to regulatory filing by the company last night. The 8-K filing did not explain the circumstances leading up to the move, stating only that his responsibilities have been assigned to other members of the company's senior engineering team during the search for a permanent replacement.
Thapar joined ANGI in October 2011 from Wal-Mart Stores Inc ( WMT ), where he was a vice president of engineering for Wal-Mart.com, the retailing giant's e-commerce website. He also held similar posts at Myspace, a social networking site acquired by News Corp ( NWSA ), and at Yahoo ( YHOO ).
In other sector news,
(+) FDEF, Authorizes new stock buyback program for up to 489,000 - or up to 5% - of the company's shares.
(-) DMND, Expects significant headwinds for Q1 due to costs associated with the Emerald re-launch and reduced walnut supplies. Also forecasts unspecified improvement from FY13 EPS of $0.40. The Street is looking for $0.47 per share.