McDonalds Corp (MCD)

11:20 AM Eastern Standard Time, 02/04/2010 (MidnightTrader) -- Top Consumer Stocks

WMT: -1.49 %

MCD: -0.89%

DIS: -2.47%

CVS: -1.48%

TWX: -2.44%

Consumer shares slumped as new jobless numbers showed a dent in the fragile employment recovery.

Stocks are still reeling from disappointing weekly jobless claims this morning. The Labor Department said initial claims for jobless benefits rose by 8,000 last week. Economists had expected a decrease of 10,000.

The weekly jobs data comes a day ahead of the key monthly report, due Friday.

Along with the economic data, consumer stocks also saw a bevy of earnings reports from retailers Thursday.

Macy's Inc. (M) is on the rise Thursday morning after the department store raised its earnings forecast for the fourth quarter.

The retailer is now expecting earnings to reach between $1.35 and $1.37 per share, up from its initial forecast of $1.14 and $1.18 a share, with analysts expecting $1.18 a share, according to a Thomson Reuters poll.

Macy's shares were up 2.38%, or $0.46, to $16.69.

The company's shares opened at $16.83, and have traded between $6.27 and $20.84 over the past 12 months.

Macy's also reported strong January sales, with same-store sales rising 3.4 percent in the latest month, while total sales also increased by 3.4 percent to $1.26 billion.

Another retailer Ross Stores (ROST) says January same-store sales rose 8%. Q4 EPS are seen between $1.15 to $1.16, versus forecasts for $1.16.

FY EPS are seen between $3.53 to $3.54, versus the $3.54 consensus.It approved a new two-year $750 million stock repurchase program and approved a 45% increase in the quarterly cash dividend to $0.16 per share.

Ross shares were down 1.43%, or $0.63, to $45.57.

Joe's Jeans (JOEZ) is up after the company said late Wednesday it earned $0.33 per share in Q4, topping the sole analyst estimate for a penny. Sales of $25.2 million also topped the sole estimate.

Joe's Jeans shares were up 6.4%, or $0.11, to $1.83.