Sector Update: Consumer Stocks Fall Thursday Afternoon

MT Newswires Live

Nov 07

Consumer stocks were falling Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 2.1%.

In corporate news, CarMax (KMX) said it has named board member David McCreight as interim president and chief executive, succeeding Bill Nash. Nash is stepping down from his position effective Dec. 1. CarMax also said it expects Q3 net earnings per diluted share of $0.18 to $0.36, including $0.09 of non-recurring expenses related to the leadership change and workforce reductions. Shares tumbled 22.8% in recent trading.

Peloton (PTON) is recalling about 833,000 units of its Peloton Original Series Bike+ after receiving three reports of seat posts breaking and detaching during use, including two cases that resulted in injuries from falls, the US Consumer Product Safety Commission said Thursday. Peloton shares retreated 7%.

Walt Disney (DIS) and Penn Entertainment (PENN) have mutually agreed to end their sports-betting venture, ESPN Bet, on Dec. 1, Bloomberg reported. Disney shares were down 1%, and Penn dropped 6.5%.

Celsius (CELH) shares slumped 26% after the company reported Q3 results.

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Nash is stepping down from his position effective Dec. 1. CarMax also said it expects Q3 net earnings per diluted share of $0.18 to $0.36, including $0.09 of non-recurring expenses related to the leadership change and workforce reductions. Shares tumbled 22.8% in recent trading.</p><p>Peloton (PTON) is recalling about 833,000 units of its Peloton Original Series Bike+ after receiving three reports of seat posts breaking and detaching during use, including two cases that resulted in injuries from falls, the US Consumer Product Safety Commission said Thursday. Peloton shares retreated 7%.</p><p>Walt Disney (DIS) and Penn Entertainment (PENN) have mutually agreed to end their sports-betting venture, ESPN Bet, on Dec. 1, Bloomberg reported. 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