House GOP Tax Plan Weighs on Consumer Sector -- Consumer Roundup
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.
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.
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, email@example.com
(END) Dow Jones Newswires
November 02, 2017 17:26 ET (21:26 GMT)