Top Consumer Stocks
Consumer stocks were mostly higher today, with shares of consumer staples companies in the S&P 500 adding around 0.7% while shares of consumer discretionary firms in the S&P 500 were rising around 0.2%.
In company news, Steelcase ( SCS ) plunged to a nearly three-year low on Tuesday after the office furniture company reported Q3 financial financial results falling short of Wall Street expectations and also projecting Q4 earnings and revenue trailing analyst estimates.
Excluding one-time items, the company reported adjusted net income of $0.30 per share, improving on a $0.29 per share during the same quarter last year and trailing the Capital IQ consensus by $0.03 per share. Revenue declined 1.6% from year-ago levels to $787.6 million, also lagging the Street view looking for $812.9 million in sales.
For the current quarter, the company is expecting adjusted per-share earning of $0.20 to $0.24, missing Wall Street estimates by at least $0.02 per share. It also see revenue for the period coming in between $720 million to $745 million, lagging analyst opinion by at least $26.9 million.
SCS shares were down over 23% at $14.53 in recent trading, earlier falling to their worst level since February 2013 at $14.45 a share.
In other sector news,
(+) ANF, (+5.9%) Names former Hollister President Fran Horowitz to newly created chief merchandising officer position, effective immediately. Also says Abercrombie & Fitch brand president Christos Angelides has left the company after 14 months in post.
(-) CMG, (-4.4%) Reduced to Neutral from Overweight at JP Morgan, which also cut its price target for the company's stock by $75 to $555 a share. U.S. Centers for Disease Control and Prevention report another person had fallen ill with E. coli on Monday.
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