Consumer stocks were mostly lower in Tuesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.8% and the SPDR Consumer Discretionary Select Sector ETF (XLY) retreating 1.8%.
Data Tuesday showed US same-store sales rose by 10.5% over year-ago levels during the seven days ended Sept. 17, down from an 11.4% year-over-year increase in a Redbook survey of retailers the prior week.
In company news, Ford Motor Co (F) slumped over 11% after the carmaker overnight said it expects to absorb another $1 billion in inflation-related costs this year as suppliers require higher payments to account for their rising costs. Despite the increased expense, the company said it continues to project adjusted FY22 earnings before interest and taxes in a range of $11.5 billion to $12.5 billion.
Walgreens Boots Alliance (WBA) was about 1% lower, after Tuesday saying it will acquire the remaining 30% of Shields Health Solutions it doesn't already own for about $1.37 billion. After the deal closes later this year, the specialty pharmacy chain will continue to operate as an independent brand within Walgreens, the company said.
Mannatech (MTEX) rose 10% after the nutritional supplements company Tuesday said it has authorized a new $1.5 million stock buyback program running over the next 12 months.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
