Sector Update: Consumer Discretionary Stocks Largely Maintaining Thursday Boost

Last Updated: Thursday, December 8, 2022 3:59 PM | MT Newswires

Consumer stocks were firmed slightly during Thursday afternoon trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 0.4% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 1%.

In company news, New York Times (NYT) shares were dropping 1% shortly before Thursday's close as more than 1,000 unionized employees of the news company began a 24-hour strike to protest failed contract talks

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Chinese teaching company 17 Education & Technology Group (YQ) slid 7.4% after late Wednesday reporting a nearly 75% drop in Q3 revenue compared with year-ago levels.

The Chefs' Warehouse (CHEF) fell 8.3% after the specialty-food distributor plans a $250 million private placement of convertible senior notes maturing in December 2028. A portion of the net proceeds will be used for a concurrent swap of some of its outstanding 1.875% convertible senior notes due 2024 for a combination of cash and common stock.

Among gainers, GMS (GMS) added more than 11% after the construction products company reported non-GAAP Q2 net income of $2.79 per share, up from $2 during the prior-year period and beating the Capital IQ consensus by $0.45 per share. Net sales increased 24.4% year-over-year to $1.43 billion during the three months ended Oct. 31, also exceeding the $1.36 billion analyst mean.

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