Sector Update: Consumer Shares Higher Pre-Market; Coty up 1% on Q4 Earnings
Top Consumer Shares:
Consumer shares are higher in pre-bell trading today.
Among consumer stocks in the news, General Motors ( GM ) says it is working on an electric vehicle that can travel 200 miles on a single charge, according to a Wall Street Journal Post this morning.
The car maker is planning on pricing the car, which is still in the early phases of development, at about $30,000 to challenge Tesla ( TSLA ), which sells a more expensive model. TSLA shares are down 1% in pre-market trade.
And, Coty ( COTY ) is more than 1% higher in pre-market trading after saying its fiscal Q4 adjusted earnings increased to $0.03 from a loss of $0.01 the year earlier, coming in ahead of the $0.01 average analyst estimate. Net revenues rose 3% to $1.06 billion, just ahead of the $1.05 billion consensus estimate.
For fiscal 2014, Coty said it expects net revenues to "marginally decline" in Q1 compared to the year-earlier period due to a slowdown in market growth in the U.S. and Europe, triggering de-stocking, particularly by U.S. mass retailers. It said that over the course of the year it expects to return to growing in line or faster than competitors. Trade inventory will normalize and investments in emerging markets will starting showing a positive impact on the company's growth.
Coty said it will pay an annual dividend of $0.20 on Oct. 31 to shareholders on record at the close of business on Oct. 11.