Sector Update: Modest Retreat for Consumer Stocks

Tuesday, September 29, 2020 3:53 PM | MT Newswires

Consumer stocks are headed toward a lower finish Tuesday with the SPDR Consumer Staples Select Sector ETF sliding 0.2% while the SPDR Consumer Discretionary Select Sector ETF also was posting a 0.5% decline.

In company news, GAN Ltd (GAN) slid 3.9% amid a decline for casino and sports-betting companies on Tuesday that followed the NFL saying the Tennessee Titans has suspended in-person club activities after three players and five team personnel tested positive for COVID-19. The Minnesota Vikings also temporarily closed its practice facility in suburban Minneapolis after playing the Titans on Sunday, the league said.

Caesars Entertainment (CZR) fell 5.4% after the casino and gaming company Tuesday priced a $1.74 billion public offering of 31 million shares at $56 apiece, or 3.8% under Monday's closing price. Net proceeds will be used for general corporate purposes, including its potential cash bid to acquire UK sports book William Hill.

Among gainers, Beyond Meat (BYND) rose 10% after the plant-based meat substitute company Tuesday said it was expanding its relationship with Walmart (WMT), tripling the availability of the Beyond Burger to more than 2,400 stores from around 800 US locations currently.

Arco Platform (ARCE) climbed 1.6% after the Brazilian educational content company announced its acquisition of Studos Software, which provides "data-based academic performance diagnostics and AI-powered adaptive learning" tools. Financial details of the transaction were not disclosed.

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