Diamonds and Dogs
Boring is beautiful. Consumer staples sector was the lone exception as the group spent the entire day in positive territory thanks to the relative strength of Dow component Procter & Gamble (PG 81.89, +3.19). The second-largest staple stock advanced 4.1% after the company reaffirmed its fourth quarter guidance and named Alan Lafley President, Chairman, and Chief Executive Officer. Mr. Lafley had previously served as company President and CEO from 2000 to 2009. What's old is new again.
The retail sector was down in the dumps today. Abercrombie & Fitch and Gap trading lower following disappointing earnings, but Sears won the Dog of the Day falling 13.62% after reporting a first-quarter loss. Revenue declined as well prompting the CEO to call the results "not acceptable." Gee you think?