Consumer Sector Update for 07/14/2020: DAL,ICON,MLCO

Consumer stocks were broadly split on Tuesday, with the SPDR Consumer Staples Select Sector ETF climbing 1.0% while the SPDR Consumer Discretionary Select Sector ETF was slipping 0.3%.

In company news, Delta Air Lines (DAL) declined 2.6% after the air carrier reported a non-GAAP Q2 net loss of $4.43 per share, reversing a $2.35 adjusted profit during the same quarter last year and trailing the Capital IQ consensus for $4.16 non-GAAP loss. Revenue plunged to $1.47 billion from $12.54 billion but topped the $1.40 billion Street view.

Melco Resorts & Entertainment (MLCO) fell 7% after after the casino company said its Melco Resorts Finance subsidiary plans to issue senior notes to raise funds to repay outstanding debt owed through its revolving credit facility and for other general corporate purposes.

On the upside, Iconix Brand (ICON) was more than 47% higher, easing from a 96% gain earlier Tuesday, after the apparel company said it is considering strategic alternatives, including a potential sale or merger with another company. Iconix also hired Ducera Partners to assist with evaluating potential offers as a financial advisor.

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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