Sector Update: Consumer Stocks Little Changed Late in Thursday Trading

Last Updated: Thursday, January 20, 2022 3:25 PM | MT Newswires

Consumer stocks were narrowly higher late in Thursday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) adding 0.1% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 0.2%.

In company news, Luminar Technologies (LAZR) was 16% higher after the vehicle sensors and software company announced a new partnership with Daimler's Mercedes-Benz unit that includes Luminar providing its Iris light detection and ranging technology to the German automaker. Financial terms were not disclosed.

Carvana (CVNA) climbed 2% after a KeyBanc downgrade to sector weight from overweight, one day after the used-car ecommerce platform said it completed its 1 millionth sale during the final three months of 2021, or roughly nine years after the company began operations.

Corsair Gaming (CRSR) was advancing 3.8% after the gaming equipment and components company reported preliminary FY21 revenue of $1.9 billion, reaching the high end of its $1.825 billion to $1.925 billion forecast range and topping Street views looking for $1.88 billion in revenue for 12 months ended Dec. 31. Street forecast provided by Capital IQ. It sees FY22 revenue growing to between $1.9 billion to $2.1 billion, straddling the Capital IQ consensus looking for $1.99 billion in revenue this year.

To the downside, American Airlines Group (AAL) turned 1.3% lower late Thursday, reversing a midday gain, after the carrier said total revenue for its current Q1 will likely be down 20% to 22% from its $10.58 billion in revenue during the pre-pandemic first three months of 2019, indicating a Q1 range of $8.25 billion to $8.46 billion. Analysts, on average, are looking for American Airlines to generate $8.97 billion during the three months ending March 31.

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