Consumer Sector Update for 07/15/2020: MGM,PVH,CMG

Consumer stocks were moderately higher, with the SPDR Consumer Staples Select Sector ETF climbing 0.8% this afternoon while the SPDR Consumer Discretionary Select Sector ETF was rising 0.9%.

In company news, MGM Resorts International (MGM) rose just over 10% after media reports 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 plansafter New Jersey Gov. Phil Murphy reversed an earlier order allowing indoor dining.

PVH (PVH) climbed 7.6% 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 hanging on to a 1% gain 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.

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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