Sector Update: Consumer Stocks Drift Away From Earlier Highs This Afternoon
03:55 PM EST, 02/05/2021 (MT Newswires) -- Consumer stocks were mostly higher late in Friday trading, with the SPDR Consumer Staples Select Sector ETF climbing 0.9% while the SPDR Consumer Discretionary Select Sector ETF was rising 0.8% this afternoon.
In company news, World Wrestling Entertainment (WWE) got tossed out of the ring on Friday, falling nearly 12% after missing Wall Street expectations with its Q4 results. Excluding one-time items, the live and streaming entertainment company earned $0.24 per share during the three months ended Dec. 31, down from a $0.78 per share adjusted profit during the year-ago period and trailing the Capital IQ consensus by $0.06 per share. Revenue slid 26.2% year-over-year to $238.2 million, also lagging the $245 million Street view.
Document Security Systems (DSS) dropped almost 31% to a record low of $3.00 a share after the specialty printers late Thursday priced an upsized $34.5 million offering of 12.3 million common shares at $2.80 apiece, or more than 35% below its last closing price. Net proceeds will be used to fund the company's new business lines as well as potential acquisitions and general corporate purposes.
Among gainers, Magnite (MGNI) rallied Friday, at one point racing almost 35% higher to a best-ever $58.50 a share after announcing its acquisition of the connected TV and video advertising platform SpotX from Luxembourgh-based media firm RTL Group for $560 million in cash and 14 million of its common shares valued at around $610 million. Magnite Friday also said it generated around $82 million in Q4 revenue, up 69% over year-ago levels and breezing past the $74 million Street view. SpotX produced $116 million in revenue during 2020, Magnite said.
Columbia Sportswear (COLM) climbed nearly 20% on Friday to touch a new all-time high of $112.21 a share after earlier reporting better-than-expected Q4 financial results and increasing its stock buyback program by another $400 million, adding to the $82.2 million still available for share repurchases under its existing authorization. The apparel company earned $1.44 per share during the three months ended Dec. 31 on $915.7 million in sales, topping the Capital IQ consensus expecting a Q4 profit of $1.29 per share on $868.6 million in sales.