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.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.