Consumer stocks were trading mostly higher ahead of Thursday's close, with the Consumer Staples Select Sector SPDR ETF (XLP) climbing 0.6% while the Consumer Discretionary Select Sector SPDR (XLY) gained 0.9%.
In company news, Tempur Sealy International (TPX) bounced 16% higher after reporting better-than-expected adjusted net income and sales for its Q2 ended June 30 and raising the FY21 outlook to reflect improving business trends as well as the expected closing next month of its $475 million acquisition of UK bed and mattress retailer Dreams. The company also increased its quarterly dividend by almost 30% to $0.09 per share.
Meritage Homes (MTH) shares climbed more than 12% after the homebuilder reported Q2 net income of $4.36 per share on $1.28 billion in total closing revenue, blowing past analyst estimates in a Capital IQ poll averaging $3.32 per share in profit on $1.14 billion in revenue for the three months ended June 30.
ThredUp (TDUP) shares rose 7.5% after the online apparel reseller overnight priced a $48.5 million public offering of 2 million common shares at $24.25 apiece, 1% below Wednesday's closing price, and sold another 4.4 million shares previously owned by several of its pre-IPO venture capital investors at the same price. The company will not receive proceeds from the sales by the shareholders.
To the downside, Nikola (NKLA) dropped 15% after federal prosecutors Thursday charged former CEO and board chairman Trevor Milton with two counts of securities fraud and a single count of wire fraud, alleging he used social media, television and podcasts to spread "false and misleading statements" about the electric vehicle company and its technology.