McDonalds Corp (MCD)

03:57 PM Eastern Standard Time, 02/04/2010 (MidnightTrader) -- Top Consumer Stocks

WMT: -1.88%

MCD: -1.52%

DIS: -2.70%

CVS: -2.41%

TWX: -1.29%

Consumer shares continued their slump into late trading Thursday afternoon on bad jobs data and earnings that didn't impress investors.

Earlier in the day, the Labor Department said initial claims for jobless benefits rose by 8,000 last week. Economists had expected a decrease of 10,000. Economists had expected a decrease of 10,000. Investors are awaiting the monthly jobs report, due Friday.

The mayhem in stocks came despite a number of positive earnings reports from consumer firms, which were largely swept under a rug.

99 Cents Only Stores (NDN) said late Wednesday it earned $0.35 per share in Q3, above forecasts for $0.25. Sales were $359.1 million, versus the Thomson Reuters mean for $360.6 million. The company expects sales at stores open at least one year to grow in the low single digits during the current quarter.

Macy's Inc. (M) was on the rise Thursday 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.

Other earnings reports were not so hot.

Kellogg (K) fell after the company says Q4 EPS were $0.46, worse than the First Call consensus of $0.49. Sales were $2.9 billion, below forecasts for $2.94 billion.

It raised its 2010 guidance for full-year EPS growth on a currency-neutral basis to 13% from 11%. Assuming no foreign exchange impact, this implies earnings per share of $3.51 to $3.57. It reaffirmed its 2% to 3% 2010 internal net sales growth guidance, in line with long-term targets.