Markets

Consumer Sector Update for 07/28/2020: TLRD, EDU, MCD, XLP, XLY

Consumer firms were flat to lower premarket Tuesday as the S&P 500 (XLP) ETF was inactive while the consumer discretionary firms (XLY) ETF was recently trading 0.28% lower.

Tailored Brands (TLRD) was declining by more than 23% after saying it is considering taking measures, such as filing for bankruptcy, as the impact of the COVID-19 pandemic on its business has raised doubts about its ability to continue as a going concern.

New Oriental Education & Technology Group (EDU) was over 4% lower after reporting net income of $0.30 per adjusted share in Q4 versus earnings of $0.60 a share in the year-earlier quarter. The consensus estimate of analysts polled by Capital IQ was for $0.35 per adjusted share.

McDonald's (MCD) was down more than 1% as it posted Q2 non-GAAP earnings of $0.66 per diluted share, down from $2.05 a year earlier. That was lower than the $0.76 average estimate of analysts polled by Capital IQ. There were also media reports Tuesday that the company may close some stores inside Walmarts.

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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