Sector Update: Consumer Stocks Largely Lack Direction This Afternoon

Last Updated: Wednesday, November 24, 2021 3:55 PM | MT Newswires

Consumer stocks were mixed late in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.3% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was rising 0.3%.

In company news, General Mills (GIS) was 0.3% lower, giving back a small morning gain that followed the food conglomerate announced plans to sell its European dough businesses, including its Knack & Back and Jus-Rol brands and private-label brands, to food specialist company Cerelia. Financial terms were not disclosed.

Nordstrom (JWN) dropped over 29% after the retailer reported Q3 earnings of $0.39 per share, up from $0.34 per share during the year-ago period but missing the Capital IQ consensus expecting a $0.56 per share profit. Net sales rose almost 18% year-over-year to $3.53 billion, also trailing the $3.54 billion Street view.

Among advancers, Dada Nexus (DADA) rose 8.7% after the Chinese ecommerce and deliveries platform late Tuesday said its Q3 net revenue increased 86% year-over-year to 1.69 billion renminbi ($264.5 million), topping the Capital IQ consensus expecting 1.62 billion renminbi for the three months ended Sept. 30.

Global-e Online (GLBE) climbed over 16% after the cross-border e-commerce company Wednesday announced its purchase of rival Flow Commerce for $425 million in cash and up to $120 million in additional consideration based on the acquired company's performance. The deal is expected to expand Global-e's exclusive relationship with Canadian e-commerce giant Shopify (SHOP), which will receive a warrant to buy up to $70 million in Global-e stock.

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