Markets

Consumer Sector Update for 08/02/2018: MGM,TSLA,RRGB

Top Consumer Stocks

WMT -0.36%

MCD -0.28%

DIS -0.50%

CVS -0.22%

KO -0.43%

Consumer stocks were mostly lower in Thursday's early market.

Among consumer stocks moving on news:

- MGM Resorts International ( MGM ) dropped almost 1% in recent pre-market trading , paring a 5% decline earlier Thursday, that followed the casino operator reporting Q2 revenue lagging analyst estimates. The company generated $2.86 billion in revenue during the three months ended June 30, improving on $2.65 billion in revenue last year and missing the $2.97 million Capital IQ consensus. It earned $0.21 per share, down from $0.36 during the year-ago period and missing the Capital IQ consensus expecting a GAAP profit of $0.27 per share and normalized earnings of $0.30 per share. It also sees Q3 net revenue falling 8% to 10% compared with the two-analyst mean expecting 16.3% year-over-year growth.

In other sector news:

+ Telsa ( TSLA ) was up more than 10% in early trading Thursday after CEO Elon Musk and other executives again promised the electric car manufacturer will turn a profit during the second half of the year in addition to being cash-flow positive. The company also reported an increase in Q2 sales to $4 billion compared with $2.79 billion during the year-ago period and topping the Capital IQ consensus for the April-to-June quarter of $3.93 billion. The non-GAAP net loss disappointed, however, widening to $3.06 per share from $1.33 per share last year and missing the analyst mean expecting a $2.82 per share loss.

- Red Robin Gourmet Burgers ( RRGB ) was trading more than 21% lower Thursday morning after posting Q2 financial results missing analyst expectations. Net income fell to $0.46 per share during the three months ended June 30 from $0.61 per share last year and lagging the Capital IQ consensus by $0.20 per share. Net sales were little changed, slipping about $400,000 from $315.8 million in the year-ago period and also trailing the $324.3 million Street view.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

RRGB TSLA MGM

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More