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Consumer Sector Update for 08/04/2020: IAA,FRPT,SNE

Consumer stocks were gaining in Tuesday trading, with the SPDR Consumer Staples Select Sector ETF climbing 0.9% while the SPDR Consumer Discretionary Select Sector ETF was posting a 0.5% advance.

In company news, IAA (IAA) was 6.5% higher after the vehicle auction company reported non-GAAP Q2 net income of $0.27 per share, slipping from a $0.44 per share adjusted profit during the same quarter last year but still exceeding the Capital IQ consensus looking for adjusted earnings of $0.15 per share. Revenue declined 19% compared with year-ago levels, falling to $296.8 million but also topping the $257.8 million analyst mean.

Freshpet (FRPT) rose 5% after the dog- and cat-food seller reported Q2 breakeven results per share, reversing its $0.16 per share net loss during the year-ago period and easily topping the Capital IQ consensus expecting a GAAP net loss of $0.07 per share for the June quarter. Net sales increased 33.1% over year-ago levels, rising to $80 million, also exceeding the $77.1 million Street view. The company also raised its FY20 sales forecast above analyst projections.

Sony (SNE) climbed nearly 3% after the consumer electronics and entertainment company reported net income of JPY186.94 per share for its fiscal Q1 ended June 30, up from JPY119.22 per share during the same quarter last year and more than doubling the Capital IQ consensus expecting a JPY76.24 per share profit. Revenue grew 2.1% to JPY1.97 trillion, also exceeding the JPY1.65 trillion analyst mean. The company also projected FY21 revenue topping the consensus view.

Ford (F) was 1.8% higher after the automaker Tuesday said chief operating officer Jim Farley has been tapped to succeed Jim Hackett as its new chief executive and president, effective on Oct. 1 when Hackett retires. Farley also was named to the Ford board of directors.

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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