Sector Update: Consumer Stocks Mixed Premarket Friday

Last Updated: Friday, August 19, 2022 9:18 AM | MT Newswires

Consumer stocks were mixed premarket Friday. The Consumer Discretionary Select Sector SPDR Fund (XLY) was down 0.91% and the Consumer Staples Select Sector SPDR Fund (XLP) was 0.28% lower recently.

Bed Bath & Beyond (BBBY) has enlisted law firm Kirkland & Ellis as an adviser in managing its debt load that continues to worsen amid slipping sales, Bloomberg News reported, citing an unnamed person with knowledge of the decision. Bed Bath & Beyond was shedding over 37% in value recently.

Foot Locker (FL) was rallying past 25% even after it reported fiscal Q2 adjusted earnings of $1.10 per diluted share, down from $2.09 a year ago. Analysts polled by Capital IQ estimated $0.80.The company also said it has signed a long-term connected inventory partnership with online retailer Fanatics, Inc. that it said will expand its merchandise offerings. Financial terms were not disclosed.

Wayfair (W) was down more than 7% after saying it will cut its global workforce by about 5%, involving about 870 employees.

Share this article:

Related Companies

You May Also Like