Sector Update: Consumer Stocks Racing Higher This Afternoon

Last Updated: Thursday, October 14, 2021 3:16 PM | MT Newswires

Consumer stocks were advancing in Thursday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 1.1% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was rising 1.1%.

In company news, Canopy Growth (CGC) climbed 5.6% after the Canadian recreational cannabis company Thursday said it acquired call options to buy 100% of the outstanding membership interests in cannabis edibles-maker Wana Brands for a combined $297.5 million in upfront payments plus deferred payments over the next five years equal to 15% of the fair market value of Wana's three ownership entities. The deal also is subject to federal authorities allowing the sale of THC-based products in the US, Canopy said.

Domino's Pizza (DPZ) was 2% higher, erasing a 4.3% decline earlier Thursday that followed the restaurant chain reporting a 3.1% year-over-year rise in fiscal Q3 sales to $998 million but still lagging the Capital IQ consensus expecting $1.03 billion in sales for the three months ended Sept. 12. Net income grew to $3.24 per share compared with its $2.49 per share profit last year, topping analyst estimates by $0.14 per share.

Oil-Dri Corp of America (ODC) rose fractionally after the maker of Cat's Pride kitty litter and other consumer and industrial absorbent products reported a drop in Q4 net income to $0.08 per share compared with its $0.83 per share profit during the same quarter in 2020 while net sales for the three months ended July 31 rose 20% over year-ago levels to $78.1 million. Analyst estimates were not available.

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