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Consumer Sector Update for 04/17/2020: FND,JWN,TSG,TSGI.TO,JMIA

Consumer stocks were broadly higher in late trade, with the SPDR Consumer Staples Select Sector ETF climbing 1.3% this afternoon while the SPDR Consumer Discretionary Select Sector ETF was adding 2.6% in value.

Floor & Decor Holdings (FND) was more than 11% higher after Goldman Sachs raised it price target for the specialty retailer by $2 to $34 a share and reiterated its neutral rating for the company's stock.

The Stars Group (TSG) jumped more than 17% after the casino equipment company said it expects to report a 27% revenue increase for its Q1 ended March 31 compared with year-ago levels, rising to $735 million. Analysts, on average, are expecting the company to generate $689 million in Q1 revenue.

Nordstrom (JWN) rose almost 10% after the department-store retailer late Thursday said it closed on a $600 million offering of its 8.75% secured debt and amended its $800 million revolving credit facility to provide added liquidity and financial flexibility during the COVID-19 pandemic. The company also suspended its quarterly dividend and stock buyback program and said it expects secure over $500 million more in operating and capital savings this year.

Jumia Technologies (JMIA) climbed nearly 8% after saying co-CEOs Jeremy Hodara and Sacha Poignonnec will take a 25% pay cut for the duration of the COVID-19 pandemic. It also reported an increase in demand from sellers to join its e-commerce platform to reach customers online amid plans to soon roll out contactless payment at delivery through its JumiaPay app to assist with social distancing measures.

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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