Consumer Sector Update for 07/27/2020: CZR,ATHM,HAS,NIO

Consumer stocks extended their Monday advance, with the SPDR Consumer Staples Select Sector ETF Monday rising 0.5% Monday afternoon while the SPDR Consumer Discretionary Select Sector ETF was posting a 0.8% advance.

In company news, Eldorado Resorts (CZR) slid 13% on Monday after at least 14 Miami Marlin baseball players and coaches tested positive for the COVID-19 virus in recent days, forcing the cancellation of its home opener tonight and casting new doubts on the revival of big-league sports in the US and for sports betting at casino companies like Eldorado. Separately, the company Monday also said Keith Cozza has resigned from the Eldorado board of directors, effective immediately.

Autohome (ATHM) climbed 5% after a new regulatory filing showed Yun Chen Capital and the Ping An Insurance Group have increased their stake in the Chinese vehicle e-commerce platform company by over 4.3 million shares through a July 23 pledge agreement with China Minsheng Bank, boosting its equity stake to 49.4%. Yun Chen Capital now owns more than 58.7 million of Autohome's Class A shares, up from 54.4 million shares previously.

Among decliners, NIO (NIO) slipped 1% after the electric vehicle manufacturer said it introduced its new NIO EC6 coupe-style SUV this weekend at Chengdu Auto Show. The new model has a 615-kilometer range and retails at between RMB368,000 to RMBMD468,000, with deliveries expected to begin in September.

Hasbro (HAS) tumbled 7.3% after the toymaker reported steep drops in Q2 net income and revenue compared with year-ago levels, trailing Wall Street forecasts. Excluding one-time items, it earned $0.02 per share during the June quarter, down from $0.54 per share during the same period last year and missing the Capital IQ consensus expecting a $0.23 per share adjusted profit. Revenue dropped to $860.3 million, also lagging the $986.5 million analyst mean.

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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