Markets

Sector Update: Consumer

Consumer stocks were ending lower this afternoon with shares of consumer staples companies in the S&P 500 slipping 0.9%. Shares of consumer discretionary firms in the S&P 500 were down about 0.7%.

In company news, shares of Voxx International Corp ( VOXX ) tumbled Thursday, falling to a new, all-time low following the electronics wholesaler getting hit with analyst downgrades at B. Riley and BMO Capital after yesterday swinging to a surprise Q4 net loss and guiding FY15 revenue that lagged analyst estimates.

VOXX shares recently were down nearly 27% at $7.43 each, earlier sliding to a record low of $6.84.

The stock was reduced to Market Perform from Outperform at BMO Capital, which also lowered its price target by $8 to $10 a share. B. Riley, meanwhile, lowered its rating for VOXX share to Neutral from Buy.

The moves followed VOXX Wednesday posting fiscal Q4 EPS that trailed forecasts by $0.59 per share and guiding FY15 revenue lagging Street view by at least $54.41 mln. Revenue declined 9.5% year over year to $187.1 million, trailing the Thomson Reuters consensus by $18.37 million.

Looking forward, the company also is projecting revenue during the fiscal year ending next February in a range of $825 million to $830 million, lagging estimates by at least $40.59 million.

In other sector news,

(+) CROX, Raised to Strong Buy at CL King.

(-) WMT, Q1 EPS of $1.10 per share lags consensus by $0.05 per share. Revenue rises 0.8% to $114.17 bln, missing Street view by $1.43 mln. Q2 earnings forecast of $1.15 to $1.25 per share lags estimates by at least $0.03.

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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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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