Consumer stocks were higher late in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 0.4% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was rising 0.7% following an afternoon rebound.
In company news, Dutch Bros (BROS) was over 66% higher late in its first day as a publicly-traded company, recently climbing more than 74% to an intra-day high of $40.10 a share, after pricing the coffee-shop chain priced a $484.2 million initial public offering of more than 21 million shares at $23 apiece, topping its expected $18 to $20 per share range.
Gol Linhas (GOL) shares rose 3.9% after the Brazilian carrier said American Airlines (AAL) invested $200 million in its preferred shares under an expanded three-year code-sharing agreement. American Airlines shares were 1% higher shortly before Wednesday's closing bell.
Among decliners, Yum China (YUMC) dropped 5.6% after the restaurant company late Tuesday warned its non-GAAP Q3 adjusted operating profit is likely to decline 50% to 60% from year-ago levels because of local lockdowns in China following a spike in COVID-19 cases tied to the delta variant of the virus.
Kaival Brands (KAVL) fell almost 47% at one point Wednesday to a record low of $2.41 a share after the electronic cigarettes distributor reported an 89.5% year-over-year decline in Q3 revenue, with the company saying many retailers were reluctant to take on new products while US regulators were deciding whether those products could be sold. It also slashed its forecast for FY21 revenue to $68 million from prior guidance for $400 million in sales for 12 months ending Oct. 31.