Top Consumer Stocks
Consumer stocks were retreating Tuesday, with shares of consumer staples companies in the S&P 500 dropping over 0.7% while shares of consumer discretionary firms in the S&P 500 also fell nearly 0.7%.
In company news, Pier 1 Imports ( PIR ) was staying within relatively close range of its $5.49 a share session high Tuesday that followed analysts at Gordon Haskett today increasing their investment rating for the retailer to Hold from Reduce.
The upgrade preceeds Pier I tomorrow reporting its fiscal Q1 financial results. Analysts, on average, are modelling a net loss for the company of $0.05 per share - improving on a $0.07 per share net loss during the year-ago period - and a 1% year-over-year decline in net sales to $1.85 billion.
In other sector news,
(+) JCP, Gordon Haskett raises investment rating to Hold from Reduce and sets a $4.50 per share price target.
(-) P, CEO Tim Westergren steps down, effective immediately, and is replaced on an interim basis by chief financial officer Naveen Chopra. Company president Mike Herring and chief marketing officer Nick Bartle also are leaving the company.
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