Markets

Consumer Sector Update for 06/21/2016: LEN,UAL,WERN

Top Consumer Stocks

WMT +0.28%

MCD -0.70%

DIS -0.72%

CVS +0.23%

KO +0.34%

Consumer stocks were mixed today, with shares of consumer staples companies in the S&P 500 increasing 0.3% while shares of consumer discretionary firms in the S&P 500 were falling by nearly 0.4%.

In company news, Lennar Corp ( LEN ) was lower in afternoon trading, with shares of the homebuilder giving back a big advance earlier today after reporting fiscal Q2 earnings and revenue exceeding Wall Street expectations.

Net income for the three months ended May 31 grew 12% over year-ago levels to $218.5 million, or $0.95 per share, improving on a $183 million and $0.79 per share profit and beating the Capital IQ consensus by $0.08 per share. Revenue increased 14.8% over the same quarter last year to $2.75 billion, also topping the Street view expecting $2.57 billion.

LEN shares were up about 0.3% at $46.83 apiece, retreating from a session high of $48.18 a share soon after today's opening bell.

In other sector news,

(+) UAL, (+2.7%) Pares expected Q2 decline in consolidated passenger unit revenue to 6.5% to 7.5% from prior range looking for a 6.5% to 8.5% drop. Sees $300 mln earnings increase resulting from ongoing reliability improvements.

(-) WERN, (-9.9%) Cut to Neutral from Overweight at JPMorgan, which also trimmed its price target for the stock by $7 to $23 a share. Bank of America Merrill Lynch cuts rating to Underperform from Neutral. Downgrades follow warning the company will miss Q2 EPS consensus for $0.40 profit by at least $0.15 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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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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