Consumer Sector Update for 07/15/2020: PVH, AMC, CNK, GM, F, XLP, XLY

Consumer stocks were climbing premarket Wednesday with shares of staples companies in the S&P 500 (XLP) and consumer discretionary firms (XLY) rallying past 1% in recent trading.

PVH (PVH) was up more than 3% after announcing plans to exit its 162 outlet store Heritage Brands Retail business and reduce its office workforce by about 450 positions or 12% to cut $80 million costs per year to streamline its North American operations.

AMC Entertainment Holdings (AMC), Cinemark Holdings (CNK), Regal Cinemas, and other US movie-theater operators will remain closed in New Jersey after a judge rejected their temporary restraining order request, Bloomberg News reported. AMC was more than 4% higher, while Cinemark was recently advancing by more than 6%.

General Motors (GM) and Ford (F) have reported more employee absences amid concerns over the COVID-19 pandemic, prompting the automakers to make certain adjustments in their operations, The Wall Street Journal reported. General Motors was up more than 3% and Ford was up past 2% in recent trading.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Markets Videos


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More