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Consumer Sector Update for 08/05/2020: BYND, ETH, WEYS, XLP, XLY

Consumer stocks were trading flat-to-higher before markets open on Wednesday. Shares of staples companies in the S&P 500 (XLP) were up fractionally, while the consumer discretionary firms (XLY) added 0.7%.

Stocks on the move include Beyond Meat (BYND), which declined more than 8% after the company reported Tuesday a Q2 adjusted loss per diluted share of $0.02, compared with earnings of $0.05 per share a year earlier. Analysts polled by Capital IQ projected a loss of $0.02 per share.

Ethan Allen Interiors (ETH) was also down more than 8%. The furniture company swung to a fiscal Q4 adjusted loss of $0.15 per share from adjusted earnings of $0.46 per share a year earlier. Analysts polled by Capital IQ had expected an adjusted loss of $0.37 per share.

Weyco Group (WEYS) slipped more than 1%. The footwear company on Tuesday posted a Q2 net loss of $0.91 per share, compared with earnings of $0.15 per share in the year-ago quarter. The company said "second-quarter results have been "significantly" impacted by the ongoing COVID-19 pandemic as most of its retail locations were temporarily closed in compliance with federal and state policies.

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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