House GOP Tax Plan Weighs on Consumer Sector -- Consumer Roundup

Features Dow Jones Newswires

Shares of retailers and other consumer-related companies were lower as investors assessed House Republicans' proposal to conduct the biggest transformation of the tax code in decades.

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Components for individual taxpayers, such as limits on the home mortgage-interest deduction and caps on property-tax deductions, contributed to moves among consumer stocks, specifically home builders, analysts said.

Home builder Lennar fell 3.3%, while home-improvement companies Lowe's and Home Depot shed 4.1% and 1.6%, respectively.

Shares of Newell Brands, the maker of Sharpie markers and Rubbermaid containers, slumped 27% after the company cut its earnings guidance for the year following a weak back-to-school season.

Wayfair shares plunged as the online home-furnishings retailer reported a steeper-than-expected loss in its latest quarter due in part to pumped up advertising and internal operations.

Blue Apron Holdings posted a loss and shed customers in the third quarter, straining to retain its edge in the saturated meal-kit market just months after an initial public offering.

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Conde Nast is ending the print edition of Teen Vogue and continuing the brand as a digital-only publication, part of a broader restructuring to reduce costs at the company.

-By Amy Pessetto, amy.pessetto@wsj.com

(END) Dow Jones Newswires

November 02, 2017 17:26 ET (21:26 GMT)