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.

In This Story


Latest Markets Videos


Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More