Sector Update: Consumer
Consumer stocks were mostly lower just ahead of the closing bell with shares of consumer staples companies in the S&P 500 falling 0.6%. Shares of consumer discretionary firms in the S&P 500 were down almost 1.2%.
In company news, shares of Summer Infant ( SUMR ) surged Wednesday after the maker of branded health and safety products for infants and young children reported a surprise Q1 profits and revenue beating analyst forecasts.
The company earned $0.05 per share share, beating the Capital IQ consensus looking for a $0.01 per share net loss. Revenue declined 14% year over year to $50.8 million, topping estimates by $5.58 million.
Also today, Roth Capital raised its call for SUMR shares to Buy from Neutral.
SUMR shares were up 65.1% in recent trade at $2.74 each, matching their intra-day high. The stock has a 52-week range of $1.45 to $3.73 a share, sliding 12.9% in value over the past 12 months.
In other sector news,
(+) LOJN, 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, 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.
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