Consumer stocks were higher this afternoon with shares of consumer staples companies in the S&P 500 reversing earlier declines to trade about 0.1% higher while shares of consumer discretionary firms in the S&P 500 were ahead over 0.6%.
In company news, Hertz Global Holdings ( HTZ ) was sharply lower on Wednesday, with shares of rental car firm declining after the company forecast FY14 results "well below" its prior guidance for adjusted EPS and revenue.
Citing operational challenges and costs tied to its ongoing audit of its financial results dating back to 2011, HTZ withdrew its prior guidance, saying it will likely generate per share earnings under the $1.70 to $2.00 it predicted earlier this year while revenue will come up short of its outlook expecting between $11.4 billion to $11.7 billion in revenue.
HTZ shares were down nearly 6% at $29.67 apiece this afternoon, earlier tumbling to a session low of $25.67 a share. The stock has traded within a 52-week range of $19.73 to $31.61 a share, managing to hold on to a 15% advance over the past 12 months.
In other sector news,
(+) AEO, Rises to four-month high after reporting Q2 earnings and revenue beating analyst expectations. Guides Q3 EPS in a range a penny either side of the $0.18 per share consensus.
(-) RGSE, CEO Dennis Lacey Kam Mofid steps down to pursue other interests. Dennis Lacey is promoted to succeed Mofid, with board chairman David Belluck saying the company's best prospects "reside within the residential solar division."
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