Consumer Sector Update for 02/20/2024: NYT, WMT, VZIO, AWI, LGIH

Consumer stocks were mixed late Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) rising 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.1%.

In corporate news, New York Times (NYT) is seeking advertising partners to test new ad-targeting products using generative artificial intelligence in the next quarter and plans to make it available to marketers in H2, Axios reported Tuesday. New York Times shares shed 1.6%.

Walmart (WMT) on Tuesday delivered higher-than-expected Q4 results, buoyed by revenue growth across all three of its segments, while it agreed to acquire smart-TV maker Vizio (VZIO) for about $2.3 billion. Walmart shares gained 3.1%, and Vizio jumped 16%.

Armstrong World Industries (AWI) rose 11% after the company reported better-than-expected Q4 results.

LGI Homes (LGIH) shares tumbled 8.2%. The homebuilder reported smaller-than-expected gains in Q4 earnings and said it anticipated macro uncertainty to persist in 2024.

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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