PLCE

Consumer Sector Update for 02/09/2024: PLCE, TBBB, GRAB, EXPE

Consumer stocks were mixed late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) falling 1.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.6%.

In corporate news, Children's Place (PLCE) shares sank 38.3% after it said Friday it expects to report a Q4 adjusted operating loss of about 9% to 8% of net sales, compared with its guidance for adjusted operating income of approximately 2% to 3% of net sales. Separately, the company engaged Centerview Partners to find options to bolster cash reserves, Bloomberg News reported Thursday.

BBB Foods (TBBB) shares jumped 9% in recent Friday trading after the company made its debut on the New York Stock Exchange.

Grab (GRAB) and GoTo are back in talks for a merger, Bloomberg reported Friday. Grab shares added 3.2%.

Expedia (EXPE) shares plunged 17.8% after the company reported Q4 earnings late Thursday that prompted analyst actions. BofA Securities downgraded the company's stock to neutral from buy on Friday and cut its price target to $156 from $181. The move followed lower-than-expected Q4 bookings and concerns about near-term growth prospects, the investment firm said in a note.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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