Sector Update: Consumer Staples Stocks Lone Gainer Friday in Market Rout

Last Updated: Friday, September 16, 2022 3:54 PM | MT Newswires

Consumer stocks were broadly mixed in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) the lone industry sector gaining, rising 0.2%, while the SPDR Consumer Discretionary Select Sector ETF (XLY) was retreating 1.2%.

The University of Michigan consumer sentiment survey Friday increased by 1.3 points to a 59.5 preliminary reading for September compared with market expectations for a 1.8-point rise and a 60.0 score this month.

In company news, Taylor Morrison Home (TMHC) climbed 3.4% after a regulatory filing late Thursday showed chief financial officer Louis Steffens this week bought 11,000 of the home builder's shares at an average of $23.07 each, increasing his direct stake in the company to 44,667 shares.

Bowlero (BOWL) rose 7.5% after the bowling-center chain overnight reported a Q4 profit of $6.94 million, reversing a $13.46 million net loss during the same quarter last year and beating the Capital IQ consensus call by around $523,000. Revenue grew 68.3% over year-ago levels to $267.7 million during the 14 weeks ended July 3, also eclipsing the $195.2 million analyst estimate.

To the downside, Mondee Holdings (MOND) declined 10.4% after the travel marketplace company Friday began a tender offer to repurchase all 12.1 million of the warrants it issued during its March 2021 initial public offering as well as additional warrants to buy up to 675,000 shares issued through a concurrent private placement at $0.65 apiece, in a bid to reduce potential dilution of existing shareholder stakes if investors chose to exercise those warrants.

WestRock (WRK) tumbled over 11% after Jefferies Friday cut its price target for the consumer packaging company by $3 to $42 a share and reiterated its hold rating for the company's stock.

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