BOWL

Consumer Sector Update for 03/14/2023: BOWL,BG,SBNY,CTVA,CVX,WPRT,WPRT.TO

Consumer stocks were ending broadly higher during Tuesday trading, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1%.

In company news, Bowlero (BOWL) still was rising 1.7% late in Tuesday trading, easing from a 4.5% midday advance, after the bowling center chain announced its purchase of Paradise Lanes Entertainment Center, with the 32-lane bowling alley in Tacoma, Washington becoming the company fourth location in Washington state. Financial terms were not disclosed.

Bunge (BG) rose more than 15% after S&P Dow Jones Indices said the farm and food products company would join the S&P 500 index on Wednesday, replacing the now-shuttered Signature Bank (SBNY). Bunge also was getting a boost after partnering with agri-business firms Corteva (CTVA) and Chevron (CVX) to make a lower-carbon fuel using oil from a canola hybrid.

Cvent Holding (CVT) gained 13% after the event marketing firm agreed to a $4.6 billion, all-cash buyout offer led by private-equity investors Blackstone (BX).

On the downside, Westport Fuel Systems (WPRT) dropped nearly 24% after the Canadian alternative-fuels systems company reported a $0.10 per share net loss for its Q4 ended Dec. 31, reversing a $0.04 per share profit during the same quarter in 2021 and missing the Capital IQ consensus call expecting a Q4 net loss of $0.06 per share, if comparable.

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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