Markets

Consumer Sector Update for 09/21/2021: APRN, BIG

Consumer stocks were mixed in afternoon trading, with the SPDR Consumer Staples Select Sector ETF (XLP) down 0.23% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was rising 0.11%.

In company news, Blue Apron's (APRN) shares are up nearly 14% in afternoon trading after it filed a registration statement for a fully backstopped equity rights offering, which represents $45 million of its planned $78 million capital raise.

Under the terms of the deal, the meal kit company will offer one share of class A common stock plus associated warrants at an effective purchase price of $10. Net proceeds will be used for working capital and general corporate purposes, including driving new customers and revenue growth, and to repay up to $5 million of debt.

Big Lots (BIG) shares were down close to 6% Tuesday afternoon after Piper Sandler downgraded the retail company's stock rating to neutral from overweight and cut the share price target to $50 from $60.

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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