Consumer Sector Update for 07/11/2019: PSMT,AEO,INUV

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Top Consumer Stocks

WMT +0.49%

MCD -0.13%

DIS +1.16%

CVS +4.75%

KO +0.04%

Consumer stocks were mixed, with shares of consumer staple companies in the S&P 500 falling 0.2% while shares of consumer discretionary firms in the S&P 500 were rising 0.2%.

Among consumer stocks moving on news:

(+) PriceSmart ( PSMT ) was slightly 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.

In other sector news:

(+) American Eagle Outfitters ( AEO ) was narrowly higher 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Business , Commodities
Referenced Symbols: PSMT , AEO , INUV

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