Sector Update: Late Uptick Lifting Consumer Staples Stocks to Positive Finish

Monday, November 23, 2020 3:54 PM | MT Newswires

Consumer stocks were broadly higher in late Monday trading, with the SPDR Consumer Staples Select Sector ETF climbing 0.1%, overcoming an earlier slide, while the SPDR Consumer Discretionary Select Sector ETF was posting a 0.9% gain.

In company news, DPW Holdings (DPW) more than tripled in value on Monday, at one point rising 272% to touch its best share price since April 2019 at $7.93 each, after saying its power electronics business has begun a new program with national and regional fast-food franchises to install its ACECool electric vehicle chargers as a part of a revenue sharing program. DPW said the program initially will be funded through its recent capital raising activities and will likely begin in California, Nevada and Canada.

Ideanomics (IDEX) sped over 73% higher after Monday announcing a second $1.3 million investment in electric tractor manufacturer Solectrac, increasing its equity stake to around 22%. Ideanonics acquired a 14.7% share of Solectrac in October after investing $1.3 million in the company.

Ayro (AYRO) was rolled as much as 31% higher to touch its highest share price since March 2019 at $10.60 each after the electric vehicle company Monday said it sold 1.7 million common shares at $6.06 apiece to several existing institutional investors led by Carnegie Hudson Resources. The $10.3 million direct offering also includes Series A warrants to acquire 1.2 million shares at $8.09 each and Series B warrants to acquire 825,083 shares at $8.91 apiece.

Ocean Bio-Chem (OBCI) rose 8.5% after the consumer products company Monday authorized a new stock buyback program for up to $3 million of its common shares, starting immediately. The company also declared a $0.02 per share quarterly dividend, unchanged from the prior quarter and payable Dec. 17 to shareholders on record on Dec. 3.

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