Sector Update: Consumer Stocks Get Afternoon Boost, Lifting Staples to Positive Ground

Last Updated: Friday, December 2, 2022 4:14 PM | MT Newswires

Consumer stocks closed mixed on Friday, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 0.4% and the SPDR Consumer Discretionary Select Sector ETF (XLY) sinking 0.1%.

In company news, Fisker (FSR) rose 4.2% after the electric car-maker late Thursday refuted a short-seller report alleging it has between $790 million to $825 million in undisclosed bank guarantees with its contract manufacturer Magna International (MGA) that are keeping it from funding operating losses. Fisker also said it owns the intellectual property underlying its Fisker Ocean in response to the Fuzzy Panda Research report.

Chargepoint Holdings (CHPT) slid 4.5% after the vehicle-recharging network saw its Q3 net loss widen to $0.25 per share, missing analyst estimates by $0.02 per share, while revenue increased 93% over the same quarter last year to $125.3 million but also trailed the Capital IQ consensus expecting $132.1 million in revenue for the three months ended Oct. 31.

Bright Horizons Family Solutions (BFAM) fell 6.2% after a Barclays downgrade of the early education and childcare company to equal weight from overweight.

Cracker Barrel Old Country Store (CBRL) tumbled nearly 13% after reporting a drop in adjusted earnings for its Q3 ended Oct. 28, missing analyst estimates, and also cutting its fiscal 2023 revenue outlook, citing rising macroeconomic uncertainties and persistent inflationary pressures. Revenue this year is now expected to grow in a range of 6% to 8% compared with its prior guidance expecting 7% to 8% growth. Wall Street is looking for a 6.9% increase in 2023 revenue to $3.49 billion.

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