Consumer Sector Update for 10/01/2015: WFM,PLAY,CROX
Top Consumer Stocks
Consumer stocks were declining in afternoon trading, with shares of consumer staples companies in the S&P 500 falling 0.7% while shares of consumer discretionary firms in the S&P 500 were slipping 0.5%.
In company news, Whole Foods Market ( WFM ) shares fell Thursday after the grocery chain said it expects to record between $15 million to $22 million in pre-tax charges against its Q4 earnings tied to an upcoming round of job cuts.
Whole Foods on Monday said it will be eliminating around 1,500 positions, or about 1.6% of its workforce, as it works to lower prices and upgrade technology in response to falling sales.
WFM shares were down almost 2% at $31.11 apiece in recent trade, maintaining just a small margin over its session low of $31.02 a share.
In other sector news,
(+) PLAY, (+1.5%) Prices public offering of 6 mln shares of its common stock at $37 per share, a 2.2% discount to Wednesday's closing price.
(-) CROX, (-13.9%) Cut to Neutral by Overweight at Piper Jaffray, which also trimmed its price target for the stock by $5 to $12 a share.
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.