Sector Update: Consumer Discretionary Stocks Posting Large Afternoon Advance

Last Updated: Wednesday, September 28, 2022 1:30 PM | MT Newswires

Consumer stocks were broadly higher in midweek trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 1.3% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 2.2%.

In company news, Canopy Growth (CGC) rose 3.8% Wednesday after the Canadian cannabis company late Tuesday announced plans to divest its retail business throughout Canada, including its Tweed and Tokyo Smoke stores, to existing licensee OEG Retail Cannabis as part of its efforts to achieve profitability. Another entity, 420 Investments, will acquire five of the company's retail locations in Alberta, Canopy said, without providing financial details of either transaction.

Cal-Maine Foods (CALM) climbed 0.1% after the eggs seller overnight reported net income of $2.57 per share during its fiscal Q1 ended Aug. 27, reversing a $0.37 loss during a year ago, while net sales more than doubled, up nearly 103% to $658.3 million and beating the Capital IQ consensus expecting $617.4 million in Q1 sales.

VF (VFC) slid 3.9% after the apparel company cut its FY23 profit forecast, now projecting adjusted net income for the 12 months ending March 31 in a range of $2.60 to $2.70 per share, compared with its previous guidance looking for $3.05 to $3.15 per share and trailing the Capital IQ consensus expecting it to earn $3.05 per share, excluding one-time items. It also pared projected sales growth this year to 5% to 6% from its prior outlook expecting at least a 7% increase.

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