Sector Update: Consumer Staples Stocks Still Adding to Prior Gains While Most Sectors Retreat
03:43 PM EDT, 05/10/2021 (MT Newswires) -- Consumer stocks were ending broadly mixed in Monday trading, with the SPDR Consumer Staples Select Sector ETF climbing 1.0% while the SPDR Consumer Discretionary Select Sector ETF was sinking 1.3% this afternoon.
In company news, Workhorse Group (WKHS) dropped almost 14% after the electric truck company Monday cut its FY21 production forecast by over 44%, now expecting to produce around 1,000 vehicles this year compared with 1,800 units previously. Q1 sales also increased to $521,000 from $84,300 during the year-ago period but lagged the Capital IQ consensus expecting $2.3 million in Q1 sales.
Revlon (REV) slid 9% after the cosmetics company reported a non-GAAP Q1 net loss of $1.55 per share on $445 million in net sales, down from its $1.22 per share adjusted loss on $457.2 million in sales during the year-ago quarter. Analysts, on average, had been expecting a $1.08 per share net loss on $520.2 million in revenue.
To the upside, Select Interior Concepts (SIC) climbed 18% after announcing the sale of its residential design services unit to a Blackstone (BX) portfolio company for $215 million in cash.
Party City (PRTY) rose nearly 13% after the retailer reported improved Q1 financial results over year-ago levels that were better than Wall Street expectations, and also projected Q2 sales topping analyst estimates.