Sector Update: Consumer Discretionary Stocks Surging This Afternoon But Staples Falling

Last Updated: Tuesday, May 17, 2022 3:55 PM | MT Newswires

Consumer stocks were broadly mixed in Tuesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.8% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 2.5%.

Data showed US retail sales rose by 0.9% during April following a revised 1.4% increase in March. Separately, Redbook US same-store sales climbed 12.7% annually during the week ended May 14.

In company news, Jumia Technologies (JMIA) jumped 29% higher after the ecommerce company Tuesday reported a more than 44% increase in Q1 revenue over year-ago levels, to $47.6 million.

Light & Wonder (LNW) rose 9.1% on Tuesday after the gaming technology previously known as Scientific Games said it expects its non-GAAP earnings before interest, taxes, depreciation, and amortization to grow at a compounded 15% per year for the period 2022 to 2025. It is projecting a 45% free cash flow conversion rate by 2025.

On Holdings (ONON) was nearly 1% higher, giving up most of its 16% opening advance that followed the Swiss sports apparel company raising its 2022 sales forecast to more than 1.04 billion francs from its prior outlook of at least 990 million francs.

Among decliners, Walmart (WMT) slid over 11% after the retail giant cut its fiscal 2023 profit forecast and missed Wall Street expectations with its Q1 earnings amid supply chain disruptions and rising costs.

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