Sector Update: Consumer Staples Stocks Resisting Friday Market Rout

Last Updated: Friday, January 21, 2022 4:07 PM | MT Newswires

Consumer stocks were broadly mixed in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing less than 0.1% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was sinking 2.6%.

In company news, Penn National Gaming (PENN) was 2.2% lower shortly ahead of Friday's close, reversing a more than 2% advance following news the casino and racing company partnered with Australian bookmaker PointsBet Holdings (PBH.AX) for online casino and sports wagering in Pennsylvania.

Netflix (NFLX) tumbled 22%, sinking below $400 a share for the first time since April 2020, after the streaming television company projected Q1 net income and revenue that trailed analyst estimates even as Q4 EPS came in better than expected. It sees net income for the three months ending March 31 of around $2.86 per share on $7.9 billion in revenue.

Herc Holdings (HRI) edged 0.7% higher after Northcoast Research raised its investment recommendation for the rental equipment company to buy from neutral and setting a $205 price target.

Peloton (PTON) rallied Friday, rising almost 12%, after the exercise-equipment company said it expects to report around $1.14 billion in revenue for its fiscal Q2 ended Dec. 31, which would lag the Capital IQ consensus looking for $1.15 billion.

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