Sector Update: Consumer Staples Help Lead Late Retreat

Last Updated: Wednesday, January 26, 2022 3:54 PM | MT Newswires

Consumer stocks turned markedly lower late in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) slipping 1.1% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was falling 0.9%, reversing a midday advance.

In company news, 22nd Century Group (XXII) was 2.1% higher shortly before Wednesday's closing bell, easing from a more than 13% gain that followed the company beginning retail sales of its VLN King and VLN Menthol King line of cigarettes it says contain 95% less nicotine than the leading US brands.

Mattel (MAT) added 4% after Wednesday saying it secured a multi-year, global license from Disney (DIS) to develop toys based on the Disney Princess and Frozen franchises. The deal covers Disney consumer products, games and publishing as well as fashion dolls and figures, with the new collection expected to appear in stores beginning in 2023. Financial terms were not disclosed. Disney shares were sinking 2.3% this afternoon, giving back a morning gain.

Rivian Automotive (RIVN) sputtered to a fractional gain despite JPMorgan Wednesday cutting its price target for the electric-vehicle manufacturer by $20 to $84 and reiterating its neutral rating for the stock.

To the downside, Kornit Digital (KRNT) reversed ground this afternoon, slipping 1%, after the digital printing and textile company Wednesday announced today the official opening of its new, state-of-the-art ink manufacturing facility in Kiryat Gat, Israel. The $25 million, high-volume production plant is expected to meet global demand for Kornit consumables for the next decade, the company said.

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