Top performers in the consumer sector
Not many stocks in the consumer sector gained last week. Overall, the sectors’ performance declined.
Underperformers in the consumer sector
Minnesota-based consumer food brand General Mills (GIS) announced its 3Q18 results on March 21 before the market opened. Between 3Q17 and 3Q18, its revenue rose 2.3% to $3.9 billion from $3.8 billion, and its EPS (earnings per share) rose 9.7% to $0.79 from $0.72. General Mills’ revenue and EPS surpassed estimates by 2.8% and 1.3%, respectively.
The company also announced a lower annual profit forecast due to higher freight and commodity costs. As a result, food stocks fell last week, with General Mills and Kraft Heinz (KHC) falling 12.4% and 8.2%, respectively.
Last week, Susquehanna cut its target price for Molson Coors Brewing (TAP) to $93 from $96, and the stock fell 10%. Florida-based Darden Restaurants (DRI) reported its fiscal 3Q18 results on March 22, before the market opened. Between 3Q17 and 3Q18, its revenue rose 13.2% to $2.1 billion from $1.8 billion, missing estimates slightly, by 0.7%. Its EPS rose 29.5% to $1.71 from $1.32, surpassing estimates by 4.0%. The stock fell ~11% last week.