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Sector Update: Consumer
By: MT Newswires
Consumer stocks are mixed in late trade with shares of consumer staples companies in the S&P 500 retreating 0.3% while shares of consumer discretionary firms in the S&P 500 have turned about 0.1% higher.
In company news, Goodyear Tire & Rubber Co. ( GT ) is down over 6% at $21.24 a share, holding about 30 cents above its session low following a downgrade today of the tire-maker to Hold from Buy at Deutsche Bank.
The research shop also reduced its price target by $3 to $26 a share, citing worries over GT's margins over the next few years.
In a new research note today, the Deutsche Bank analysts said the company's potential margins over the next few years may not be as clear as they have been in the past, with that uncertainty leading them to lower their rating for the stock.
In other sector news,
(+) HAS, Toymaker reports a 1.9% increase in Q3 revenue over year-ago levels to $1.37 billion, beating the analyst consensus by around $40 million. Earns $1.31 per share, topping expectations by $0.02.
(-) JCP, Imperial Capital reiterates Underperform rating with $1 price target, the lowest among the 17 analysts following the retailer.