Sector Update: Consumer Stocks Ending Little Changed in Late Recovery

Last Updated: Wednesday, October 5, 2022 3:46 PM | MT Newswires

Consumer stocks were ending narrowly lower, with the SPDR Consumer Staples Select Sector ETF (XLP) slipping 0.1% late in Wednesday trading and the SPDR Consumer Discretionary Select Sector ETF (XLY) sinking 0.2%.

In company news, Tyson Foods (TSN) fell 1.4% after the chicken processor said it plans to consolidate its corporate offices throughout the greater Chicagoland region at its global headquarters in Springdale, Arkansas. The upcoming relocations will be done in phases beginning early next year, it said.

Among gainers, Helen of Troy (HELE) was rising 3.8%, reversing a nearly 17% slide earlier Wednesday to its lowest share price since April 2018 that followed the housewares seller Wednesday cutting its FY23 earnings and sales forecasts below analyst estimates and also unveiling a company restructuring program expected to affect all of its operating segments and shared services and resulting in between $85 million to $95 million in one-time charges, mostly for severance and other employee costs.

Lamb Weston (LW) added 4.4% after the frozen potato products company Wednesday reported non-GAAP net income of $0.75 per share for its fiscal Q1 ended August 28, improving on an $0.18 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus call by $0.25 per share.

Vicinity Motor (VEV) climbed 12% after late Tuesday saying it was set to begin deliveries of its VMC 1200 electric truck as the first of the medium-duty commercial trucks roll off the assembly line in Canada.

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