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.
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