Consumer Cos Down as Oil, Gas Prices Rise - Consumer Roundup
Dow Jones
Sep 09
Consumer companies fell as oil and gasoline prices continued to rise.
"There's certainly some weak pockets out there within the consumer sector," said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital. "Consumer behavior probably has been impacted by higher prices at the pump and some other pressures out there." Overall U.S. consumer spending has been surprisingly resilient, Marshall said.
Home sales slipped 0.6% in August from a year earlier as elevated mortgage rates took their toll, said online real-estate firm Zillow.
Videogame rental chain GameStop reported higher profit in its latest quarter, boosted by an increase in collectibles sales, and raised its full-year outlook.
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