Sector Update: Consumer Stocks Largely Resisting Steep Monday Declines

Last Updated: Monday, September 26, 2022 1:32 PM | MT Newswires

Consumer stocks were narrowly lower in Monday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.3% and the SPDR Consumer Discretionary Select Sector ETF (XLY) sinking 0.2%.

In company news, Purple Innovation (PRPL) was slipping 2.5% this afternoon, giving back a nearly 4% gain earlier Monday that followed it saying private-equity investors Coliseum Capital Management is offering $4.35 per share in cash to acquire the 55% of the mattress company it doesn't already own. The company has formed a special board committee to review the Coliseum offer in addition to adopting a limited-duration shareholder rights plan and distributing the right for other investors to buy an additional share for each of their existing shares.

Unilever (UL) fell 0.4% after Monday saying Alan Jope will retire as CEO at the consumer-staples giant at end of 2023 after five years in the post. The company has started the formal search for a successor and will consider both internal and external candidates, it said.

Sportsman's Warehouse Holdings (SPWH) rose 3.9% after B Riley Securities increased its price target for the retailer by $2 to $16 and reiterated its buy rating for the company's stock.

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