Markets

Consumer Sector Update for 07/20/2020: PTON,BIG,HHT

Consumer stocks were mixed, with the SPDR Consumer Staples Select Sector ETF slipping 1.2% Monday afternoon while the SPDR Consumer Discretionary Select Sector ETF was adding 1.1% in value.

In company news, Peloton Interactive (PTON) rose 9.2% after Wedbush Monday raised its price target for the exercise equipment company by $3 to $66 a share and kept its outperform rating for Peloton shares, saying signs indicate the company will report "blockbuster" results for its fiscal Q4 ended June 30.

Big Lots (BIG) climbed nearly 5% after the discount retailer said it expects Q2 same-store sales will be "at the high end" of its forecast range expecting percentage growth over year-ago levels in mid-to-high twenties, buoyed by strong demand. The company Monday also named Jack Pestello as its new chief merchandising officer, effective July 27 and succeeding Lisa Bachmann, who is retiring following a unspecified transition period.

Color Star Technology (HHT) plunged more than 10% after the educational services company announced a $4.2 million direct offering of up to 3.2 million ordinary shares priced at $1.30 each, or more than 25% under Friday's closing price. The unnamed group of accredited investors also received warrants to buy up to 2.1 million additional shares at $1.50 apiece over the next 66 months through a concurrent private placement.

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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