Markets

Consumer Sector Update for 08/06/2019: ADNT,SERV,IFF

Top Consumer Stocks

WMT +1.47%

MCD +1.46%

DIS +1.38%

CVS -1.89%

KO +1.21%

Consumer stocks were moderately higher, with shares of consumer staples companies in the S&P 500 0.9% higher Tuesday afternoon while shares of consumer discretionary firms in the S&P 500 were ahead by nearly 0.9%.

Among consumer stocks moving on news:

(+) Adient plc (ADNT) rose more than 28% on Tuesday after the auto parts manufacturer reported non-GAAP net income of $0.38 per share for its fiscal Q3 ended June 30, down from a $1.45 per share adjusted profit during the year-ago period but still topping the Capital IQ consensus by $0.04 per share.

In other sector news:

(+) ServiceMaster Global Holdings (SERV) climbed almost 15% to an all-time high of $58.78 a share at one point in the session after the maid service company reported improved Q2 financial results also exceeding Wall Street estimates and increased its FY19 revenue outlook. For the 12 months ending Dec. 31, the company is now projecting revenue between $2.05 billion to $2.06 billion, up from its prior guidance looking for $2.02 billion to $2.05 billion and narrowly topping the Capital IQ consensus expecting $2.049 billion in revenue. Shares were nearly 10% higher in afternoon trading.

(-) International Flavors & Fragrances (IFF) dropped 15% to an intra-day low of $120.00 a share after reporting an increase in Q2 revenue to $1.29 billion compared with $920 million during the same quarter last year but still lagging the Capital IQ consensus of $1.31 billion. It also lowered its FY19 outlook for non-GAAP net income of $6.15 to $6.35 per share, below the $6.38 per share analyst mean.

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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ADNT SERV IFF