Sector Update: Consumer Stocks Firm Slightly from Midday Lows

Last Updated: Tuesday, November 29, 2022 4:01 PM | MT Newswires

Consumer stocks trimmed a portion of their midday slide, with the SPDR Consumer Staples Select Sector ETF (XLP) falling 0.4% late in Tuesday trading and the SPDR Consumer Discretionary Select Sector ETF (XLY) sinking 0.3%.

New data showed consumer confidence declined during November, with the Conference Board reporting a drop in its consumer sentiment index to a 100.2 reading compared with a 102.2 score last month and narrowly topping market expectations for a slide to 100.0 this month.

In company news, Digital Brands Group (DBGI) slumped almost 33% after the apparel e-commerce platform priced a $10 million public offering of 168,000 common shares at $5.50 apiece, or nearly 24% below Monday's closing price. Investors also received class B five-year warrants to buy around 1.8 million shares exercisable at $5.25 each and class C, 13-month warrants also exercisable at $5.25 per share.

Hibbett (HIBB) dropped almost 11% after the sporting goods retailer reported a $1.94 per share profit for its fiscal Q3 ended Oct. 29, improving on net income of $1.68 per share during the same quarter last year but still lagging the Capital IQ expecting $2.49 per share. Net sales rose 13.5% over year-ago levels to $433.2 million but also missing the $446.5 million analyst mean.

Hyatt Hotels (H) climbed 2.6% after the lodging chain announced its $125 million acquisition of the 12 franchised or managed locations operated by the Dream Hotel Group as well as two dozen more hotels slated to open in the future, expanding Hyatt's presence in New York and other markets. The deal also includes up to $175 million in additional payments to Hyatt as the new properties open.

Bilibili (BILI) rose over 22% after reporting a non-GAAP Q3 net loss of 4.46 Chinese renminbi ($0.63) per American depositary share, expanding on a 4.16 renminbi per share adjusted loss during the same quarter last year but still beating the Capital IQ consensus expecting a 4.66 renminbi per ADS loss, excluding one-time items. Revenue for the online entertainment company grew 11% year-over-year to 5.79 billion renminbi ($814.5 million), also exceeding the 5.66 billion renminbi analyst mean.

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