Consumer stocks were broadly mixed in Monday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.5% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was rising 1.2%.
In company news, Sony Group (SONY) declined fractionally after saying its Sony Pictures Entertainment unit has agreed to sell its GSN Games mobile and online games platform to privately held video game company Scopely for around $1 billion. Scopely will fund 50% of the purchase price through cash, with the rest to be funded using preferred equity and providing Sony Pictures with a undisclosed minority stake.
ViacomCBS (VIAC) was 1.1% lower, retracing most of its morning decline, after the television and movie company renewed its distribution agreement with Altice USA (ATUS), with the deal also including ViacomCBS' Paramount+, Showtime OTT and Pluto streaming services for customers on Altice USA's Optimum and Suddenlink platforms. Financial terms weren't disclosed. ViacomCBS CEO Naveen Chopra also reportedly said Paramount+ has enjoyed "tremendous momentum" during a virtual JPMorgan investor conference broadcast Monday.
Sonic Automotive (SAH) slipped 1.9% after the auto dealer late Friday priced a $1.15 billion private placement of senior notes, consisting of $650 million of 4.625% senior notes due 2029 and $500 million of 4.875% senior notes due 2031. Net proceeds will help fund Sonic's proposed acquisition of RFJ Auto Partners and redeeming all of its outstanding 6.125% senior subordinated notes due 2027.
Among gainers, Albertsons (ACI) rose 3.7% after reporting non-GAAP net income and revenue for its fiscal Q2 ended Sept. 11 topping analyst estimates amid a surprise increase in comparable sales over year-ago levels and the grocery chain also raising its FY22 earnings forecast. Excluding one-time items, the company earned $0.64 per share on $16.51 billion in revenue, topping the Capital IQ consensus expecting $0.45 per share and $15.89 billion, respectively.