Top Consumer Stocks
Consumer stocks added to their prior slide in late trade, with shares of consumer staples companies in the S&P 500 falling just over 1.5% this afternoon while shares of consumer discretionary firms in the S&P 500 were dropping more than 3.1%.
Among consumer stocks moving on news:
(-) Service Corp International (SCI) was fractionally lower this afternoon, roughly halving a 1.6% mid-day decline, after the funeral home and cemetery chain raised its stock buyback authorization by $246 million, which when combined the $154 million remaining under its previous authorization, now makes $400 million available for share repurchases. The company Wednesday also declared a $0.18 per share dividend, unchanged from its most recent distribution and payable Sept. 30 to shareholders of record on Sept. 13.
In other sector news:
(+) Purple Innovation (PRPL) rose almost 69% at one point Wednesday, reaching its best share price since February 2018 after posting a Q2 net loss of $0.16 per share, expanding on a $0.12 per share loss during the same quarter last year but still beating the Capital IQ consensus expecting a $0.27 per share loss. Revenue for the mattress company climbed 36.0% over year-ago levels to $103 million, also exceeding the $94.9 million analyst mean. Shares were 22% higher in afternoon trading.
(+) Grocery Outlet Holding (GO) climbed 3.3% on Wednesday to an all-time high of $42.30 a share after the grocery chain reported better-than-expected Q2 financial results and issued an FY19 profit forecast exceeding Wall Street estimates. Excluding one-time items, it earned $0.20 per share during the three months ended June 29, up from $0.19 per share during the year-ago period and topping the Capital IQ consensus by $0.07 per share. Net sales grew to $645.3 million from $575.1 million, beating the analyst mean of $626.6 million.
(-) Macy's (M) plunged to a 10-year low on Wednesday after the department store retailer missed Q2 profit forecasts and lowered its FY19 earnings outlook. Excluding one-time items, it earned $0.28 per share during the 13 weeks ended Aug. 3, down from $0.70 per share during the year-ago period and missing the Capital IQ consensus expecting adjusted net income of $0.45 per share.
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