Sector Update: Consumer Stocks Weaken in Late Trade

Last Updated: Thursday, August 11, 2022 3:45 PM | MT Newswires

Consumer stocks turned moderately lower this afternoon, with the SPDR Consumer Staples Select Sector ETF (XLP) slipping 0.2% and the SPDR Consumer Discretionary Select Sector ETF (XLY) was dropping 0.6%.

In company news, New York Times Co (NYT) rose nearly 11% after a new regulatory filing Thursday showed ValueAct Capital has acquired control of 6.7% of its outstanding stock. The activist hedge fund said it wants to review the company's business and its mergers and acquisition strategy with Times executives, board members and other investors as well as discuss whether it makes sense to have a ValueAct employee join the company's board.

Arhaus (ARHS) added nearly 25% after the home furnishings retailer reported non-GAAP net income of $0.28 per share, up from $0.25 a year earlier and breezing past the $0.12 per share Street view. Net sales for the June quarter also exceeded analyst estimates.

Walt Disney Co (DIS) climbed 4.6% after the media and entertainment conglomerate reported non-GAAP net income and revenue for its fiscal Q3 topping year-ago comparisons and analyst forecasts. The company added 14.4 million Disney+ subscriptions during the quarter, increasing the total number of subscriptions for the streaming platform to 221 million.

To the downside, Sonos (SONO) slumped 25% after the consumer audio equipment company reported non-GAAP net income of $0.19 per share in Q3, down from $0.27 per share during the same quarter last year and trailing the Capital IQ consensus by $0.02 per share. Net sales declined 1.8%, also lagging Wall Street estimates, and the company is now projecting between $1.73 billion to $1.76 billion in fiscal 2022 revenue compared with its prior forecast range of $1.95 billion to $2 billion and the $1.96 billion analyst mean.

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