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Consumer Sector Update for 08/24/2020: TME,BNED,FL,MOGU

Consumer stocks held on to most of their earlier advance, with the SPDR Consumer Staples Select Sector ETF climbing 0.6% while the SPDR Consumer Discretionary Select Sector ETF was rising 1.2%.

In company news, Tencent Music Entertainment Group (TME) was 1.5% higher shortly before Monday's closing bell, bouncing back from a mid-morning slump, after the China-based online music entertainment platform disclosed plans to issue one or more tranches of senior unsecured notes. Net proceeds would be used for general corporate purposes, the company said.

Barnes & Noble Education (BNED) was 1.5% higher, overcoming an early 3.5% decline, after the educational publisher Monday said it has finished a review of its strategic options and that its board of directors has decided to continue with the company's current business plan.

Foot Locker (FL) rose 5.4% despite a pair of conflicting analyst actions on Monday for the athletic apparel retailer, with Morgan Stanley raising its price target by $2 to $32 a share while Deutsche Bank trimmed its price target by $2 to $33 a share. The Morgan Stanley and Deutsche Bank analysts also reiterated their equal weight and hold stock ratings, respectively.

MOGU (MOGU) dropped 19% after the Chinese e-commerce company reported a year-over-year drop in fiscal Q1 revenue, falling to RMB132.5 million from RMB248.9 million during the same April-to-June quarter last year. Analyst estimates were not available.

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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