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Consumer Sector Update for 08/24/2020: GRWG, MOGU, W, XLP, XLY

Consumer firms were flat to higher premarket Monday as the consumer discretionary (XLY) ETF was inactive and shares of the consumer staples S&P 500 (XLP) were recently 0.24% higher.

GrowGeneration (GRWG) said it plans to collaborate with law enforcement and regulators to seek an investigation of short-seller Hindenburg Research, which slammed the company's management and warned of a potential 70% drop in its stock in a recent report. GrowGeneration was slipping past 15% in recent trading.

MOGU (MOGU) was more than 13% lower as it posted a fiscal Q1 net loss of RMB0.81 ($0.12) per American depositary share, compared with a loss of RMB1.12 per ADS in the year-ago quarter. Analysts' estimates were not immediately available for comparison.

Wayfair's (W) has authorized the repurchase of up to $700 million of the company's class A common stock from time to time in the open market, through private transactions, or otherwise, according to an 8-K filing. Wayfair was up more than 1% in recent trading.

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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