Sector Update: Consumer Discretionary Stocks Outpacing Most Other Sectors This Afternoon

Last Updated: Monday, October 18, 2021 1:40 PM | MT Newswires

Consumer stocks were broadly mixed in Monday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.3% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was rising 1.1%.

In company news, Albertsons (ACI) rose 4% 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.

ViacomCBS (VIAC) was narrowly lower, paring a 1.4% 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 1.3% 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.

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