Consumer shares are down in mid-day trading while General Motors (NYSE:GM) slumps after reporting mixed sales in May.
The automaker reported that its dealers in the United States sold 221,192 vehicles in May, a 9% increase in retail sales versus the same period in 2010, boosted by sales of GM's fuel-efficient passenger cars and crossovers. Total sales, however, declined 1% on lower fleet volume.
Compared with last year, May fleet sales were 16% lower as rental volumes declined 21%. Deliveries to commercial accounts rose 19%, which is the 14th consecutive month of commercial sales gains.
Meanwhile, Tiffany's (NYSE:TIF) is down after Deutsche Bank downgraded the stock, despite Street-topping Q1 earnings, largely citing valuation.
In an unusual move, an analyst from the bank boosted the price target to $76 from $65.50, but downgraded the stock to "hold" from "buy" largely based on valuation. The stock is at a 10% premium to other global luxury brands, she noted. She still praised the company, calling its story "very simple, lean and clear-cut" and noting its "strong brand equity and impeccable execution."