Top Consumer Stocks
Consumer stocks were mixed this afternoon with shares of consumer staples companies in the S&P 500 declining about 0.2%. Shares of consumer discretionary firms in the S&P 500 were ahead nearly 0.3%.
In company news, American Eagle Outfitters ( AEO ) rose to some of its best levels in over four months Wednesday after the apparel retailer reported Q2 earnings and revenue that beat analyst expectations.
The company earned $5.8 million, or $0.03 per share, during the three months ended Aug. 2, falling over 70% compared with the company's $19.6 million profit last year but still beating the Capital IQ consensus expecting a break-even quarter at AEO.
Revenue slid 2% year over year to $710.59 million, exceeding the Street view by around $21.59 million. Sales at stores open one year or more fell 7%.
Based on a mid single-digit decline in same-store sales, the company said it is expecting Q3 earnings in a range of $0.17 to $0.19 per share, a penny either side of the consensus call.
AEO shares were up about 8.6% at $12.59 each in early afternoon trade, easing slightly from its session high of $12.96 a share. The stock has traded within a 52-week range of $10.12 to $16.95 apiece, falling just over 20% during the past 12 months.
In other sector news,
(+) PETM, (+0.4%) Bowing to pressure from Jana Partners and Longview Asset Management, agrees to explore strategic alternatives. Also buys online retailer Pet360 for $130 mln and cuts its FY14 earning outlook, citing challenging consumer environment.
(-) RGSE, (-16.4%) 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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