Sector Update: Consumer Stocks Staging Late Recovery, Ending Little Changed

Last Updated: Tuesday, October 19, 2021 3:52 PM | MT Newswires

Consumer stocks were turning narrowly mixed late in Tuesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing less than 0.1%, reversing a midday slide, while the SPDR Consumer Discretionary Select Sector ETF (XLY) still was sinking 0.2%.

In company news, Penn National Gaming (PENN) rose 5.1%, helping pace gains Tuesday on the S&P 500 after the casino and racetrack company closed on its $2 billion cash-and-stock acquisition of Toronto-based Score Media and Gaming (SCR). Under terms of the transaction, investors will receive $17 per share in cash and 0.2398 of a Penn National share for each of their Score Media shares, valuing the sports betting platform at $34 per share.

Bilibili (BILI) rose 7.4% after HSBC increased its price target for the Shanghai-based online entertainment company by $51 to $127 per share but also lowering its investment rating for the stock to hold from buy.

To the downside, Procter & Gamble (PG) fell 1.2% after warning its FY22 costs will likely run $2.1 billion above its original projections, also topping an earlier revision in July by another $200 million because of higher raw material and shipping costs coupled with ongoing supply chain problems.

Lamb Weston Holdings (LW) was fractionally higher after the frozen potato processor Tuesday announced plans for separate $835 million private placements of senior notes maturing in 2030 and 2032.

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