Top Consumer Stocks
Consumer stocks were posting small gains, recovering slightly from Tuesday's steep losses as shares of consumer staples companies in the S&P 500 were climbing almost 0.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were rising more than 0.3%.
Among consumer stocks moving on news:
- Goodyear Tire & Rubber ( GT ) rolled to a 46-month low on Wednesday, falling nearly 6% to its lowest level since July 2014 at $25.28 a share, after the firm reported a 32.4% drop in its non-GAAP net income compared with year-ago levels and revenue during the three months ended March 31 just shy of analyst estimates. Excluding one-time items, the company earned $0.50 per share compared with a $0.74 per share adjusted profit during the same quarter last year but beating the Capital IQ consensus by $0.06 per share. Total revenue climbed to $3.83 billion from $3.70 billion last year, narrowly missing the Street view by around $30 million. Goodyear also reaffirmed its FY18 outlook for segment operating income excluding the TireHub transition in a range of $1.8 billion to $1.9 billion and growing to about $2.0 billion to $2.4 billion during FY20.
In other sector news:
+ Viacom (VIA,VIAB) Class B shares held a more than 1% gain on Wednesday after the television production company reported fiscal Q2 financial results topping analyst estimates. Excluding one-time items, the company earned $0.92 per share and beat the Capital IQ consensus expecting no change from its year-ago adjusted profit. Revenue fell 3% year-over-year to $3.15 billion but also exceeding the $3.04 billion Street view.
- Wynn Resorts ( WYNN ) declined Wednesday after the casino operator reported Q1 sales missing Wall Street expectations, upstaging better-than-expected earnings for the three months ended March 31. Reported sales jumped 20.5% over the year-ago period to $1.72 billion, trailing the Capital IQ consensus by $30 million. Excluding one-time items, it earned $2.30 per share, up from $1.28 per share last year and beating the analyst mean by $0.27 per share. Also weighing on the stock Wednesday was its GAAP net loss of $1.99 per share that reversed a $0.99 per share in net income during the same quarter last year largely due to a $463.6 million litigation settlement expense.