Markets

Consumer Stocks Retreating This Afternoon; Avon and Coty Team Up in Brazil, Both Stocks Higher

Top Consumer Stocks

WMT -0.34%

MCD -0.78%

DIS -1.25%

CVS -0.67%

KO -0.05%

Consumer stocks were mostly lower, with shares of consumer staples companies in the S&P 500 falling 0.3%. Shares of consumer discretionary firms in the S&P 500 were down almost 0.8%.

In company news, shares of Avon Products ( AVP ) and Coty Inc ( COTY ) were higher Wednesday after the companies announced a partnership to sell select COTY products through AVP's network of 1.5 million sales representatives in Brazil.

Brazil is AVP's largest market and is the largest fragrance market globally.

AVP shares were up nearly 3% at $13.89 each in mid-day trade, maintaining a perch within a penny of its session high. The stock has 52-week range of $13.22 to $24.71 a share, sliding 40.8% in value over the past 12 months.

COTY was ahead 3.4% at $15.96 a share, earlier rising as high as $16.50 a share during the session. Earlier, the company reported a fiscal Q3 net loss of $253.3 million, or $0.66 per share, reversing a $20.4 million profit in the year-ago period.

Excluding a $316.9 million non-cash asset impairment charge linked to COTY's efforts to revamp its TJoy business, the company earned $0.22 per share, beating the Capital IQ consensus by $0.13. Net revenue rose about 1% year over year to $1.01 billion, matching analyst estimates.

In other sector news,

(+) LOJN, (+20.9%) Arbitration panel dismisses all claims filed against the company by Tracker do Brasil LTDA, the exclusive licensee of LoJack Stolen Vehicle Recovery technology in Brazil. Panel will next meet to determine damages owed LOJN.

(-) FOSL, (-8.8%) Q1 EPS of $1.22 beats by $0.05 per share. Revenue rises 14.1% to $777 mln, topping consensus by $6.31 mln. Forecasts Q2 EPS of $0.90 to $0.97 per share, trailing Street by at least $0.20. Guides Q2 revenue in-line with estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

COTY

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More