Consumer Sector Update for 07/27/2020: HAS, UAA, ASNA, XLP, XLY

Consumer firms were climbing pre-bell Monday, with shares of staples companies in the S&P 500 (XLP) trading 0.03% higher and consumer discretionary firms (XLY) recently advancing by 0.41%.

Hasbro (HAS) was down more than 5% after posting adjusted earnings of $0.02 per share in Q2 versus $0.54 a year ago. Analysts polled by Capital IQ had expected earnings of $0.23 a share.

Under Armour (UAA) was declining by over 3% after Chief Executive and Chairman Kevin Plank and Chief Financial Officer David Bergman acknowledged receiving a "Wells Notice" in connection with previous financial disclosures being investigated by the US Securities and Exchange Commission.

Ascena Retail Group (ASNA) was plunging by more than 20% after a US bankruptcy court has granted it access to cash and has allowed other actions the company said will enable it to continue daily operations. The US Bankruptcy Court of Eastern District of Virginia allowed Ascena to use more than $430 million of its cash collateral as part of the company's first motions related to its Chapter 11 bankruptcy filing. The court has also approved procedures for Ascena to close all of its Catherines stores, a "significant number" of Justice stores, and a "select number" of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores.

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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