Top Consumer Stocks
Consumer stocks turned narrowly mixed this afternoon, with shares of consumer staples companies in the S&P 500 falling nearly 0.1%, reversing a mid-day gain, while shares of consumer discretionary firms in the S&P 500 were rising almost 0.1%.
Among consumer stocks moving on news:
(-) Bed Bath & Beyond ( BBBY ) slumped Thursday, slipping over 3%, after the retailer reported a 6.5% revenue decline during its fiscal Q1 ended June 1, falling to $2.57 billion from $2.75 billion during the same quarter last year and narrowly trailing the Capital IQ consensus looking for $2.58 billion in Q1 sales. Excluding one-time items, the company earned $0.12 per share during the quarter, down from $0.38 per share during the same quarter last year but still beating the $0.08 per share analyst mean.
In other sector news:
(+) PriceSmart ( PSMT ) was 2.6% higher on Thursday, recovering from a 10% slide for the warehouse retailer after i t report ed fiscal Q3 financial results lagging Wall Street forecasts. Net income declined to $0.46 per share from $0.61 per share year-ago profit while net sales grew 0.8% over the same quarter last year, reaching $788.6 million. Analysts, on average, had been expecting PriceSmart to earn $0.50 per share on $793 million in sales during the three months ended May 31.
(-) American Eagle Outfitters ( AEO ) was narrowly lower in recent trade after the retailer Thursday said it will begin selling cannabidiol-infused products in October at almost 500 of its stores and online. The products are made by Green Growth Brands from US-licensed hemp processors and will only be sold in jurisdictions where CBD sales are legal.
(-) Inuvo ( INUV ) fell about 30% to a worst-ever $0.26 cents a share on Thursday after the online advertising platform priced a $4.13 million public offering of 13.75 million shares at 30 cents per share, representing an 18.9% discount to Wednesday's closing price. The company also gave the underwriter an option to buy an extra 2.06 million share and it was expecting $3.8 million in net proceeds, assuming the underwriter does not exercise its overallotment option.