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Sector Update: Consumer Shares Mixed as Apple Releases Latest iPhone
By: MT Newswires
Top Consumer Shares:
Consumer shares are mixed in pre-bell trading today as Apple ( AAPL ) is releasing its latest iPhone models this morning. AAPL is up 1.6% in morning trade as consumers are lined up in droves in front of Apple's retails stores.
In other consumer news, Darden Restaurants ( DRI ) reports its quarterly earnings. DRI fell about 5% in pre-market trading after saying its fiscal Q1 earnings fell 38% to $0.53 from $0.85 the year earlier, also missing the $0.71 average Capital IQ analyst estimate. Sales rose 6.1% to $2.16 billion largely in line with the consensus estimate for sales of $2.2 billion.
The company said it will take steps to cut yearly spending by approximately $50 million by cutting staff and programs. For 2014, spending will be down by $25 million, although offset by $10 million in upfront costs related to implementation of the plan.
Finally, Navios Maritime ( NM ) subsidiary Navios Maritime Acquisition has filed a $500 million mixed shelf registration with the SEC. NM shares have nudged up 0.1% at $7.50 in pre-market trade.