Sector Update: Consumer Staples Stocks Continue to Benefit From Defensive Trade

Last Updated: Friday, October 22, 2021 3:54 PM | MT Newswires

Consumer stocks were broadly mixed late in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 0.9% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was sinking 0.3% this afternoon.

In company news, Iconic Sports Acquisition (ICNCU) was 1% higher late in its NYSE debut after the blank check company looking to potential merger partners in the sports business, including franchises or in an adjacent sector, overnight priced an upsized $300 million initial public offering of 30 million units at $10 apiece. The new stock climbed almost 2% to an intra-day high of $10.18 this morning soon before drifting back to its current range.

Simply Good Foods (SMPL) climbed 8.8% after reporting adjusted net income of $0.29 per share and revenue for its fiscal Q4 ended August 28 both exceeding Wall Street estimates and saying it sees FY22 sales growing between 8% to 10% over year-ago levels - indicating a range of its $1.09 billion to $1.11 billion compared with the Street view expecting $1.08 billion in sales this year. It also expects its FY22 non-GAAP per-share earnings will increase faster than its projected sales growth.

Tri Pointe Homes (TPH) gained 2.3% after B Riley, RBC Capital Markets and Wedbush all increased their respective price targets for the homebuilder's shares after the company Thursday reported better-than-expected Q3 financial results.

Mattel (MAT) rose 0.4% after the toymaker reported better-than-expected Q3 results and also raised its FY21 sales forecast, now projecting a 15% increase over last year compared with its prior guidance looking for 12% to 14% growth.

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