Sector Update: Consumer Stocks Edging Lower Near Monday Close

Monday, August 3, 2020 3:52 PM | MT Newswires

Consumer stocks continued to drift lower in Monday trading, with the SPDR Consumer Staples Select Sector ETF sliding 0.3% while the SPDR Consumer Discretionary Select Sector ETF was posting a 0.2% retreat.

In company news, Genius Brands International (GNUS) soared over 22% on Monday after saying Mattel's (MAT) Fisher-Price division has begun selling toys based on its "Rainbow Rangers" animated series through Walmart (WMT) and Amazon.com (AMAN). Genius Brands launched "Rainbow Rangers" in November 2018, with the Nick Jr. cable television show following the adventures of a group of seven 9-year-old girls and their pet Prismacorn, Floof, who use their magical powers to protect the people of Kaleidoscopia and cleaning up environmental problems on Earth.

ADT (ADT) doubled in price at one point on Monday, touching an all-time high of $17.21 a share after saying Alphabet's (GOOG,GOOGL) Google unit will invest $450 million in the home-security company as part of a broader strategic partnership with the internet conglomerate. Alphabet will own 6.6% of ADT's outstanding stock after the deal closes and the companies also committed to each spend $150 million on marketing, product development and training, subject to meeting certain milestones.

International Game Technology (IGT) climbed almost 8% after the casino equipment company Monday announced a multi-year agreement with internet betting company FanDuel Group. Financial details were not disclosed but IGT said FanDuel will use its PlaySports platform to power its retail sportsbook across the US through September 2024 in addition to offering its online casino games in selected states.

Among decliners, Clorox (CLX) slipped 2% after it said Benno Dorer will retire as CEO and will be succeeded by company president Linda Rendle on Sept. 14. The company also reported better-than-expected results for its fiscal Q4 ended June 30 amid a surge in demand for bleach and other cleaning products during the COVID-19 pandemic.

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