Sector Update: Consumer Stocks Adding to Friday Advance

Last Updated: Friday, July 1, 2022 3:56 PM | MT Newswires

Consumer stocks were ending higher in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 1.3% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 1.8%.

In company news, Endeavor Group Holdings (EDR) rose 5.9% after the entertainment and sports company agreed to buy the OpenBet online sports betting business from digital and social gaming company Light & Wonder (LNW) for $750 million in cash plus another $50 million in Endeavor class A shares. Light & Wonder shares also were 2.9% higher in late trade.

Coupang (CPNG) rose almost 18% after a Credit Suisse upgrade of the Korean ecommerce platform to outperform from neutral although the Credit Suisse analysts also lowered their price target by $9 to $19 a share.

Global-e Online (GLBE) added 9.5% after the Israeli direct-to-consumer retailer completed its acquisition of the Borderfree cross-border ecommerce business from Pitney Bowes (PBI) for roughly $100 million. Pitney Bowes shares were 1.4% higher.

Kohl's (KSS) dropped over 19% after the department-store retailer said it has terminated exclusive talks with the Franchise Group (FRG) about a potential buyout and also lowered its forecast for Q2 sales. The decision to walk away from discussions follows the owner of the Vitamin Shoppe and Pet Supplies Plus chains reportedly lowering its offer by nearly 12% to around $53 a share, with Kohl's Friday saying the price cut reflects the "current financing and retail environment." Franchise Group shares also were falling 7.5% in late trade.

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