Sector Update: Consumer Stocks Finishing Near Session Lows

Monday, October 19, 2020 3:53 PM | MT Newswires

Consumer stocks turned solidly lower, with the SPDR Consumer Staples Select Sector ETF sliding 1.2% while the SPDR Consumer Discretionary Select Sector ETF was falling 1.2%, giving back a small mid-day advance.

In company news, Target (TGT) was falling fractionally in late trade. The discount trader Monday said it was providing its more than 350,000 frontline workers another $200 bonus, their fourth special payment since the start of COVID-19 pandemic.

Warner Music Group (WMG) also declined less than 1% after saying its WMG Acquisition subsidiary has started a follow-on $250 million private placement of 3% senior secured notes maturing in 2031. The unit previously issued $550 million of the senior notes on August 12 and is expecting to use the net proceeds for general corporate purposes, including funding the cash portion of future acquisitions and redeeming some or all of its existing notes.

EW Scripps (SSP) fell 3.4% after Monday saying it has closed on the sale of its Stitcher podcast platform to satellite broadcaster SiriusXM (SIRI), receiving $265 million in upfront cash. The media company also is eligible for up to $30 million in earnout payment over the next two years based on Stitcher's financial results. SiriusXM shares were 1% lower this afternoon.

Among advancers, QuinStreet (QNST) climbed 6% after the online marketing company Monday raised its fiscal Q1 revenue outlook, now projecting more than $138 million in revenue for the three months ended Sept. 30, improving on its prior forecast expecting between $125 million to $130 million and exceeding the four-analyst consensus call looking for $127 million, according to Capital IQ.

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