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Consumer Sector Update for 08/14/2019: PRPL,GO,M


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Top Consumer Stocks

WMT -0.06%

MCD -0.67%

DIS -1.73%

CVS -1.1%

KO -0.07%

Consumer stocks were broadly lower, with shares of consumer staples companies in the S&P 500 falling just over 1% this afternoon while shares of consumer discretionary firms in the S&P 500 were dropping more than 2.6%.

Among consumer stocks moving on news:

(+) Purple Innovation ( PRPL ) rose almost 69% at one point Wednesday, reaching its best share price since February 2018 after posting a Q2 net loss of $0.16 per share, expanding on a $0.12 per share loss during the same quarter last year but still beating the Capital IQ consensus expecting a $0.27 per share loss. Revenue for the mattress company climbed 36.0% over year-ago levels to $103 million, also exceeding the $94.9 million analyst mean. Shares were 22% higher in afternoon trading.

In other sector news:

(+) Grocery Outlet Holding ( GO ) climbed almost 7% on Wednesday to an all-time high of $42.30 a share after the grocery chain reported better-than-expected Q2 financial results and issued an FY19 profit forecast exceeding Wall Street estimates. Excluding one-time items, it earned $0.20 per share during the three months ended June 29, up from $0.19 per share during the year-ago period and topping the Capital IQ consensus by $0.07 per share. Net sales grew to $645.3 million from $575.1 million, beating the analyst mean of $626.6 million.

(-) Macy's ( M ) plunged 3% on Wednesday after the department store retailer missed Q2 profit forecasts and lowered its FY19 earnings outlook. Excluding one-time items, it earned $0.28 per share during the 13 weeks ended Aug. 3, down from $0.70 per share during the year-ago period and missing the Capital IQ consensus expecting adjusted net income of $0.45 per share.

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: PRPL , GO , M



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