[ad_1]
Shares of retailers and other consumer companies slipped as losses in consumer staples stocks outweighed gains for consumer discretionary shares.
Earnings continued to roll in. Kellogg lifted its outlook for the year and said consumer demand held up despite the cereal company raising its prices in recent months. Adidas said second-quarter sales were dragged by supply squeezes and a loss of revenue in Russia, as well as by lockdowns in China, as it confirmed preliminary results and new lower full-year guidance.
Wayfair posted broad declines in its business, the latest sign of the online furniture seller’s struggle to reignite consumer interest coming out of the pandemic.
Toyota Motor maintained its full-year outlook for production and operating profit, despite rising raw-material costs and production cuts that weighed on earnings in the first three months of its fiscal year. Meanwhile, Tesla investors were expected to clear the way for the company to complete its second stock split in about two years.
Write to Amy Pessetto at [email protected]
[ad_2]
Source link
Shares of retailers and other consumer companies slipped as losses in consumer staples stocks outweighed gains for consumer discretionary shares.
Earnings continued to roll in. Kellogg lifted its outlook for the year and said consumer demand held up despite the cereal company raising its prices in recent months. Adidas said second-quarter sales were dragged by supply squeezes and a loss of revenue in Russia, as well as by lockdowns in China, as it confirmed preliminary results and new lower full-year guidance.
Wayfair posted broad declines in its business, the latest sign of the online furniture seller’s struggle to reignite consumer interest coming out of the pandemic.
Toyota Motor maintained its full-year outlook for production and operating profit, despite rising raw-material costs and production cuts that weighed on earnings in the first three months of its fiscal year. Meanwhile, Tesla investors were expected to clear the way for the company to complete its second stock split in about two years.
Write to Amy Pessetto at [email protected]
