Sector Update: Consumer Staples Stocks Leading Late Recovery for Broader Markets

Last Updated: Tuesday, May 24, 2022 3:57 PM | MT Newswires

Consumer stocks were ending broadly mixed in Tuesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 1.3% and the SPDR Consumer Discretionary Select Sector ETF (XLY) sinking 2.3%.

In company news, Nautilus Group (NLS) tumbled over 19% after the fitness equipment company reported a fiscal Q4 net loss of $0.58 per share, reversing a $0.93 per share profit during the year-ago period, while revenue slumped almost 42% year-over-year to $119.7 million and trailing the Wall Street consensus expecting $121.6 million.

Fisker's (FSR) dropped over 14% after the electric vehicles company announced plans for a $350 million at-the-market stock sale managed by JPMorgan Securities and Cowen & Co, with net proceeds used to fund technology development and other general corporate purposes.

Lyft (LYFT) slid more than 17% after Bernstein Tuesday began coverage of the ride-hailing company with a market perform stock rating and raised its price target for Lyft shares by $8 to $30.

Abercrombie & Fitch (ANF) was plunging 29%, staying within close range of its more than 31% slide to its lowest share price since November 2020 that followed the retailer reporting a surprise Q1 net loss and cutting its FY22 sales forecast. The company also said it plans to shutter 30 stores this year.

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