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Consumer Sector Update for 07/08/2015: TCS,SNAK,MGM,ERI

Top Consumer Stocks

WMT -0.41%

MCD -0.35%

DIS -0.85%

CVS -1.30%

KO -0.45%

Consumer stocks were tumbling Wednesday in a broad-based decline for global equities today.

In company news, shares of The Container Store ( TCS ) was higher in afternoon trade with the specialty retailer overcoming disappointing Q1 sales by reporting a smaller net loss and a smaller drop in same-store sales than Wall Street was expecting for the March-through-May period.

Net loss for the three months ended May 30 widened to $5.2 million, or $0.11 per share, expanding over 44% from a $3.6 million net loss during the same quarter last year but still beating the Capital IQ consensus looking for a $0.13 per share loss.

Net sales declined about 2% from year-ago levels to $169.8 million, trailing analyst estimates by around $3.7 million. But sales at store locations open more than a year fell only 0.9% compared with last year, easily dispatching the Street view expecting a 3.5% same-store decline.

Looking forward to the rest of FY15, the company is projecting net income in a range of $0.30 to $0.38 per share, straddling the $0.32 per share analyst consensus. It also sees sales of between $800 million to $815 million, narrowly trailing Street estimates for $816 million in sales this year.

TCS shares were up more than 3% today at $18.09 apiece, easing from an earlier run to $19.19 a share.

In other sector news,

(+) SNAK, (+6.4%) Wedbush Securities upgrade to Outperform from Neutral. Price target increased by $3 to $13 a share.

(-) MGM, (-6.9%) Sells 50% stake in Silver Legacy Resort & Casino in Reno, Nevada, and the Circus Circus Reno casino to Eldorado Resorts ( ERI ) for $72.5 million in cash.

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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