Sector Update: Consumer Discretionary Stocks Surging Late Friday

Last Updated: Friday, June 24, 2022 4:02 PM | MT Newswires

Consumer stocks were ending broadly higher in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 1.9% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 3.3%.

In company news, Carnival (CCL,CUK) gained more than 12% after narrowing its fiscal Q2 net loss compared with year-ago levels. The company expects to turn a core profit in its current fiscal quarter, driven by a boost in demand for cruising following an easing in COVID-19 protocols.

DISH Network (DISH) gained nearly 12% after saying late Thursday that the US Department of Justice approved the binding term sheet between the pay TV company and T-Mobile US (TMUS) giving Dish customers access to T-Mobile's nationwide 5G network. The June 15 agreement between the companies took effect on Tuesday following the Justice Department's antitrust decision, Dish said. T-Mobile shares also were 0.4% higher this afternoon.

Kanzhun (BZ) added about 9.9% after the Chinese online job recruiter beat Wall Street expectations with its Q1 results, earning 0.26 renminbi ($0.04) per American depositary share during the three months ended March 31, excluding one-time items, reversing a 3.23 renminbi per ADS adjusted loss during the same quarter last year and topping the Capital IQ consensus looking for a 0.15 renminbi per ADS non-GAAP profit. Total revenue grew 44.6% over year-ago levels to 1.14 billion renminbi, also exceeding the 1.11 billion renminbi analyst mean.

FedEx (FDX) climbed 7% after the package-delivery company Friday projected FY23 earnings exceeding analyst projections, forecasting non-GAAP net income for the 12 months ending next May in a range of $22.50 to $24.50 per share compared with the Capital IQ consensus expecting it to earn $22.80 per share this year, excluding one-time items.

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