Sector Update: Consumer Stocks Rising This Afternoon

Thursday, September 24, 2020 1:45 PM | MT Newswires

Consumer stocks were gaining Thursday, with the SPDR Consumer Staples Select Sector ETF climbing 1.1% while the SPDR Consumer Discretionary Select Sector ETF was posting a 1.1% gain.

In company news, Darden Restaurants (DRI) rose 9.5% after the restaurant chain raised its profit forecast for its current quarter ending Nov. 30 above Wall Street expectations and reinstated its quarterly dividend. The restaurant chain now sees Q2 net income btween $0.65 and $0.75 per share, topping the Capital IQ consensus for $0.32.

AMC Entertainment Holdings (AMC) slid 1.8% after the movie chain said it plans to sell up to 15 million shares to raise more capital as the ongoing impact of the COVID-19 pandemic and recent moves by studios to delay the release of several holiday season blockbusters until 2021 will likely degrade its Q4 liquidity.

Nikola (NKLA) fell 5.2% after Hindenburg Research founder and short-seller Nathan Anderson told the Wall Street Journal the electric-vehicle manufacturer could face more scrutiny, particularly over the role of several big-name companies, executives and investors who have backed the company. Anderson, who did not elaborate on his assertions, earlier this month published a report alleging Nikola misled investors about its technology and sending its stock lower and opening it to regulatory scrutiny.

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