Sector Update: Consumer Stocks Struggling as COVID-19 Cases Surge

Monday, January 11, 2021 1:42 PM | MT Newswires

Consumer stocks were declining Monday afternoon, with the SPDR Consumer Staples Select Sector ETF dropping 0.5% while the SPDR Consumer Discretionary Select Sector ETF was sinking 1%.

In company news, Scotts Miracle-Gro (SMG) fell 2% after the garden products company Monday said chief financial officer Randy Coleman has left the company and will be succeeded on an interim basis by Cory Miller, currently the vice president of finance for its Hawthorne Gardening subsidiary. The company also promoted corporate treasurer Kelly Berry to lead all of finance for its US consumer business segment.

To the upside, Office Depot parent company ODP Corp (ODP) surged almost 20% higher after privately held rival Staples announced plans to acquire the office-supply retailer for $40 per share, or 8.2% over Friday's closing price. Staples also said it may consider "strategic divestitures that ODP may execute to unlock value," pointing to Office Depot's CompuCom technology-service business or its commercial business unit.

Nio (NIO) climbed 8.2% after the electric vehicle manufacturer and chipmaker Nvidia (NVDA) Saturday said they are collaborating on a new generation of cars with advanced self-driving capabilities. The companies marked the beginning of their partnership by unveiling Nio's flagship ET7 sedan featuring Nvidia's DRIVE Orin system-on-a-chip-powered supercomputer. Nividia shares were 4.6% higher.

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