Consumer Sector Update for 08/29/2019: DG, BBY, CPB

Top Consumer Stocks:

WMT: +1.20%

MCD: +1.05%

DIS: +1.11%

CVS: +0.94%

KO: -0.16%

Consumer stocks were broadly higher in midday trading, with shares of consumer staples companies in the S&P 500 edging up 0.1% while shares of consumer discretionary firms in the S&P 500 were climbing more than 1.5%.

In industry news:

Fashion retailer Forever 21 is gearing up for a potential bankruptcy filing, Bloomberg reported, as it is faced with dwindling cash and fading turnaround options.

Among consumer stocks moving on news:

(+) Dollar General (DG) was climbing by 10%, the top gainer in the S&P 500 after it booked fiscal Q2 adjusted earnings of $1.74 per share, up from $1.52 a year earlier and topping the estimate of $1.58 from analysts polled by Capital IQ.

In other stock news:

(-) Best Buy (BBY) was dropping 9% after the electronics retailer narrowed its full-year comparable-store sales guidance over worries about possible tariffs on Chinese-made goods and overall customer spending in the second half of the year. Its fiscal Q2 adjusted earnings of $1.08 per share beat the estimate of $0.99 from analysts polled by Capital IQ.

(+) Campbell Soup Co. (CPB) was 0.8% higher after naming Mick Beekhuizen as CFO effective Sept. 30, succeeding Anthony DiSilvestro, who is leaving the foods producer on Oct. 15 to pursue other interests.

(+) The Hain Celestial Group (HAIN) was up over 4% after the food and personal care products company reported Q4 fiscal 2019 adjusted earnings per share of $0.21, down from $0.27 in the prior-year period, but ahead of consensus compiled by Capital IQ for earnings per share of $0.20.

(+) Burlington Stores (BURL) was jumping over 18% after the retailer reported Q2 earnings and revenue that topped analyst estimates. Adjusted earnings rose to $1.36 per share from $1.15 a year ago, exceeding the consensus analyst view from Capital IQ of $1.14 per share.

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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