Top Consumer Stocks
Consumer stocks were narrowly split Thursday, with shares of consumer staples companies in the S&P 500 rising more than 0.1% while shares of consumer discretionary firms in the S&P 500 were posting a 0.2% decline.
In company news, Titan International ( TWI ) slumped Thursday, with shares of the automobile wheels, tires, and undercarriage supplier briefly falling under $10 each today for the first time since May 4 – dropping over 22% to a session low of $9.81 a share – after surprising Wall Street by widening its Q2 net loss compared with year-ago levels and missing analyst forecasts.
Net loss during the three months ended June 30 at Titan was $0.17 per share, down from its $0.10 per share net loss in the year-ago period and trailing the three-analyst consensus expecting a $0.09 per share profit. Those results included about $5.3 million in losses from foreign currency exchange transactions, reducing its GAAP results by $0.08 per share, the company said.
Revenues rose 10% over the same quarter last year to $364.4 million, exceeding the $352.1 million consensus estimate.
In other sector news,
(+) STMP, (+29.9%) Selects Jeff Carberry to be the company’s new chief financial officer, succeeding Kyle Hubner who has beem named company president. Vice president of accounting JR Veingkeo moves over to replace Carberry.
(-) TCS, (-22.2%) Fiscal Q1 net loss expands to $0.11 per share from a $0.09 per share loss last year but matching Street view. Net sales rise 3.2% over last year to $183.1 mln, in-line with the $183.3 mln consensus.
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