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Sector Update: Consumer Shares Higher Pre-Market; J.C. Penney Recovers From Wednesday's Steep Losses After Upgrade

Top Consumer Shares:

WMT: flat

MCD: +0.93%

DIS: +0.09%

CVS: +0.11%

KO: flat

GE: +0.40%

Consumer shares are higher in pre-bell trading today.

In consumer sector news, L Brands ( LB ) said December comparable store sales rose 2% for the five weeks ended Jan. 4 and cut its Q4 earnings guidance to $1.60 per share from the previous guidance of $1.67 to $1.82, also missing the $1.81 average Capital IQ analyst estimate.

Total sales were $2.1 billion in the five weeks to Dec. 4 compared to $1.95 billion in the same period a year ago.

And, J.C. Penney ( JCP ) shares are up about 3% this morning, recovering from Wednesday's more than 10% declines after Piper Jaffray boosted its rating on the shares to Overweight from Neutral with an $11 price target.

The struggling retail giant yesterday proffered reiterated Q4 guidance. It said it was pleased with holiday sales, but did little to elaborate on exact numbers. JCP is trading at the low end of its 52-week range of $6.24 to $23.10.

Finally, Cato Corporation ( CATO ) said same-store sales slipped 4% in the five weeks ended Jan. 4 and that it now expects Q4 earnings of $0.11 to $0.15 per share, down from the previous forecast of $0.17 to $0.23 and below the $0.20 average Capital IQ analyst estimate.

The EPS forecast for the specialty retailer includes $0.08 in-store fixture write-offs and store impairment charges.

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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