Consumer Sector Update for 08/09/2019: TRCO,MAT,YELP,FTCH


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Top Consumer Stocks

WMT -0.81%

MCD +1.63%

DIS +0.59%

CVS +0.66%

KO -0.26%

Consumer stocks pared some of their morning declines but were still underwater this afternoon, with the shares of consumer staples companies in the S&P 500 falling over 0.2% while the shares of consumer discretionary firms in the S&P 500 dropping more than 0.5%.

Among consumer stocks moving on news:

(-) Tribune Media ( TRCO ) was edging lower after the television broadcaster reported mixed Q2 financial results, generating $484 million in total operating revenue during the three months ended June 30, down from $489.4 million during the year-ago period and narrowly missing the $484.3 million Street view.

In other sector news:

(+) Yelp ( YELP ) rose more than 5% after the business reviews website reported better-than-expected Q2 net income, earning $0.16 per share during the three months ended June 30 and beating the Capital IQ consensus looking for no change from its $0.12 per share profit during the year-ago period.

(-) Mattel ( MAT ) tumbled 16% after the toymaker late Thursday said it scrapped a $250 million bond sale set to close Thursday in order to first investigate issues alleged in a letter from an anonymous whistleblower. The company did not disclose the contents of the letter received on Tuesday although it said in a regulatory filing it still expects to refinance its 4.35% senior notes due October 2020 prior to maturity.

(-) Farfetch ( FTCH ) dropped more than 44% to a worst-ever $9.22 a share after the luxury apparel e-commerce company reported a Q2 net loss of $0.29 per share on a GAAP basis, missing the Capital IQ consensus expecting a $0.23 per share net loss and upstaging above-consensus adjusted earnings and net sales for the three months ended June 30. It also said chief operating officer Andrew Robb was stepping down although he will stay with the company for another six months to assist with the transition.

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