Sector Update: Consumer Discretionary Stocks Rebound in Afternoon Trading

Last Updated: Thursday, June 23, 2022 3:58 PM | MT Newswires

Consumer stocks were ending higher late in Thursday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) and the SPDR Consumer Discretionary Select Sector ETF (XLY) both climbing 1.7%.

In company news, Cyanotech (CYAN) was declining 0.5% shortly before Thursday's closing bell, falling away from prior gains for the specialty foods producer overnight reporting a $0.04 per share profit for its Q4 ended March 31, reversing a $0.03 per share loss during the same quarter last year. Cyanotech also said company President Matthew Custer was selected to succeed Gerald Cysewski as CEO after Cysewski stepped down to become chief scientific officer and CEO emeritus at the maker of microalgae products.

Among advancers, Rite Aid (RAD) raced nearly 20% higher after the pharmacy retailer Thursday reported a non-GAAP Q1 net loss of $0.60 per share, reversing a $0.38 per share profit during the year-ago quarter but still beating the Capital IQ consensus expecting an adjusted net loss of $0.70 per share. Revenue fell 2.4% year-over-year to $6.01 billion but also exceeded the $5.73 billion analysts' mean.

KB Home (KBH) rose 8.9% after the home builder's Q2 results exceeded Wall Street expectations for the three months ended May 31 and it also raised the bottom end of its FY23 revenue forecast by $100 million to a new range of $7.3 billion to $7.5 billion. Analysts, on average, have been looking for $7.35 million in home sales at the company this year.

Red Robin Gourmet Burgers (RRGB) rose 3.6% after saying Paul Murphy plans to retire as CEO and president on Dec. 31 but will remain with the restaurant chain as a special advisor through next March to assist with the search and installation of his successor.

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