Sector Update: Consumer Stocks Paring Wednesday Losses This Afternoon

Last Updated: Wednesday, October 5, 2022 1:52 PM | MT Newswires

Consumer stocks were moderately lower in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) slipping 0.4% and the SPDR Consumer Discretionary Select Sector ETF (XLY) sinking 0.8%.

In company news, Helen of Troy (HELE) was rising 4.1%, reversing a nearly 17% slide earlier Wednesday that followed the housewares seller Wednesday cutting its FY23 earnings and sales forecasts below analyst estimates and also unveiling a company restructuring program expected to affect all of its operating segments and shared services and resulting in between $85 million to $95 million in one-time charges, mostly for severance and other employee costs.

Lamb Weston (LW) added 4.6% after the frozen potato products company Wednesday reported non-GAAP net income of $0.75 per share for its fiscal Q1 ended August 28, improving on an $0.18 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus call by $0.25 per share.

Vicinity Motor (VEV) climbed 8.4% after late Tuesday saying it was set to begin deliveries of its VMC 1200 electric truck as the first of the medium-duty commercial trucks roll off the assembly line in Canada.

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