Sector Update: Consumer Discretionary Stocks Lead Market Advance Tuesday

Last Updated: Tuesday, June 22, 2021 4:05 PM | MT Newswires

Consumer stocks were broadly higher Tuesday, with the Consumer Discretionary Select Sector SPDR ETF (XLY) rallying 1.2% whole the Consumer Staples Select Sector SPDR ETF (XLP) was ahead by 0.4% shortly before the closing bell.

In company news, Peloton Interactive (PTON) was 8.1% higher after Bloomberg reported the maker of interactive exercise equipment is developing a digital heart rate armband monitor in its first foray into digital wearables. Peloton also launched a corporate wellness program to deliver content and fitness products for workplaces in the US, UK, Canada and Germany. The company said it plans to expand the program to Australia later this year.

Sally Beauty Holdings (SBH) jumped 13.5% higher after the specialty retailer Tuesday received a pair of analyst upgrades, with Oppenheimer and Cowen both raising the stock to outperform from market perform previously. Cowen assigned a $30 price target while Oppenheimer set its bar at $24.

Sanderson Farms (SAFM) climbed more than 10% after the Wall Street Journal reported the chicken producer is exploring a sale and has drawn interest from several potential bidders including agricultural investment firm Continental Grain.

Kaixin Auto Holdings (KXIN) gained 4.7% after the Chinese used car seller said it was talking with an unidentified recreational-vehicle retailer in China about a possible joint venture that would expand its presence in the Chinese RV market.

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