Markets

Consumer Sector Update for 09/18/2018: CBRL,NFLX,RACE,T,GIS

Top Consumer Stocks

WMT +0.73%

MCD -0.04%

DIS +0.18%

CVS +1.10%

KO -0.57%

Consumer stocks were ending broadly mixed today, with shares of consumer staples companies in the S&P 500 paring a portion of their prior declines, slipping less than 0.3% this afternoon while shares of consumer discretionary firms in the S&P 500 were climbing almost 1.3%.

Among consumer stocks moving on news:

(-) Cracker Barrel Old Country Store ( CBRL ) slumped to a 22-month low on Tuesday, dropping just over 6% to its lowest share price since November 2016 at $141.63 each after the restaurant chain reported fiscal Q4 results trailing Wall Street estimates. Excluding one-time items, the company earned $2.19 per share during the three months ended August 3, down from $2.23 per share during the same quarter last year and also lagging the Capital IQ consensus by $0.50 per share. Net sales rose 9% year over year to $810.9 million but still missing the $824.9 million analyst mean. Cracker Barrel also projected below-consensus FY19 financial results.

In other sector news:

(+) Netflix ( NFLX ) was nearly 4% higher in recent trading after the streaming video service took home a slew of prime-time Emmys Monday night, winning 23 of the awards given out each year to recognize outstanding television and tying with HBO for the most awards. Netflix led all other networks heading into Monday's live awards broadcast with 112 nominations, four more than AT&T's ( T ) HBO premium cable channels.

(+) Ferrari NV ( RACE ) was extending its early gains, cruising to a more than 3% advance after Tuesday reaffirming its FY18 revenue outlook at its annual investor day conference, forecasting about EUR3.4 billion, or about $3.97 billion, in sales this year compared with the Capital IQ consensus expecting around $3.49 billion during the 12 months ending Dec. 31. The high-end carmaker also said it expects to debut 15 new vehicle models between 2019 to 2022, with about 60% of those new cars using a hybrid motor by 2022.

(-) General Mills' ( GIS ) tumbled Tuesday, falling as much as 9%, after the food giant missed Wall Street expectations with its fiscal Q1 sales and upstaging better-than-expected quarterly earnings. Excluding one-time items, the company earned $0.71 per share, unchanged from the year-ago period and topping the Capital IQ consensus by $0.07 per share. Net sales grew 9% year-over-year to $4.09 billion, trailing Street views by around $30 million. Despite the revenue miss, General Mills maintained its FY18 sales forecast expecting 9% to 10% growth, matching analyst projections expecting a 9.2% increase over FY17 levels to $17.19 billion this year.

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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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