Consumer stocks were higher heading into Wednesday's close, with the SPDR Consumer Staples Select Sector ETF still climbing 0.3% this afternoon while the SPDR Consumer Discretionary Select Sector ETF was rising 1.5%.
In company news, K12 Inc (LRN) was ahead almost 10% after the online educator Wednesday said it plans to hire more than 1,300 educators for the upcoming 2020-21 academic year in response to rising demand for at-home schooling amid the ongoing COVID-19 pandemic. K12 said the uncertainty surrounding primary and secondary education during the pandemic has many parents exploring virtual schooling opportunities, also noting that about one-third of teachers are more than 50 years old, placing them at increased risk of contracting the coronavirus.
MGM Resorts International (MGM) rose just under 13% after media reports that it will reopen its Borgata Hotel Casino & Spa in Atlantic City, N.J., on July 26. The company originally was scheduled to reopen the casino on July 6 but postponed those plans after New Jersey Gov. Phil Murphy reversed an earlier order allowing indoor dining.
PVH (PVH) climbed 9.4% after the apparel company disclosed plans to close its 162 Heritage Brands outlet stores and cut about 450 positions, or about 12% of its workforce. The moves are expected to reduce the company's costs by around $80 million per year.
Chipotle Mexican Grill (CMG) was nearly 4% higher after the restaurant chain announced plans to hire 10,000 new employees over the next few months to support rising demand for its Chipotlane drive-through digital order pick-up lane. The company will be opening its 100th Chipotlane before the end of July near Columbus, Ohio.
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