Consumer Sector Update for 08/03/2020: CLX,IGT,ADT,GOOG,GOOGL

Consumer stocks were drifting lower in Monday trading, with the SPDR Consumer Staples Select Sector ETF sliding 0.3% while the SPDR Consumer Discretionary Select Sector ETF was posting a 0.1% retreat.

In company news, Clorox (CLX) slipped nearly 3% after it said Benno Dorer will retire as CEO and will be succeeded by company president Linda Rendle on Sept. 14. The company reported better-than-expected results for its fiscal Q4 ended June 30 amid a surge in demand for bleach and other cleaning products during the COVID-19 pandemic. Dorer will remain board chairman after stepping down, the company said.

Among gainers, ADT (ADT) doubled in price at one point on Monday, touching an all-time high of $17.21 a share after saying Alphabet's (GOOG,GOOGL) Google unit will invest $450 million in the home-security company as part of a broader strategic partnership with the internet conglomerate. Alphabet will own 6.6% of ADT's outstanding stock after the deal closes and the companies also committed to each spend $150 million on marketing, product development and training, subject to meeting certain milestones.

International Game Technology (IGT) climbed over 7.6% after the casino equipment company Monday announced a multi-year agreement with internet betting company FanDuel Group. Financial details were not disclosed but IGT said FanDuel will use its PlaySports platform to power its retail sportsbook across the US through September 2024 in addition to offering its online casino games in selected states.

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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