Sector Update: Consumer
Consumer stocks are moderately higher, with shares of consumer staple companies in the S&P 500 climbing 0.3% while shares of consumer discretionary stocks in the S&P are advancing 0.5%.
In company news, Coty Inc ( COTY ) is down nearly 7% at $15.15 a share, just 3 cents above its new 52-week low that followed the beauty-products company's reporting fiscal Q4 earnings of $0.03 per share, beating estimates by $0.01.
Revenue also came in slightly above consensus, but COTY said it sees revenue in the current quarter slipping marginally compared to a year ago on top of a slow-down in market share in the U.S. and Europe over the past few months.
In other sector news,
(+) DAL, (+0.2%) JPMorgan Chase raises the airline to Overweight from Neutral, noting increasing margins.
(-) CAG, (-0.9%) JPMorgan Chase cuts its rating on the food producer's shares to Neutral from Overweight, one day after the company sold its Lightlife meatless product line.