Consumer Sector Update for 11/17/2023: DDS, GPS, SPB, DDC

Consumer stocks were mixed late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) declining 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.7%.

In corporate news, Dillard's (DDS) shares jumped 7.4% after the company announced late Thursday a special dividend of $20 a share, payable Jan. 8 to shareholders of record as of Dec. 15.

Gap (GPS) shares surged 29% after the retailer late Thursday reported quarterly earnings and revenue that topped estimates by analysts.

Spectrum Brands (SPB) said sales in the current fiscal year may drop on annual basis. Its shares tumbled 12%.

DDC Enterprise (DDC) said Friday it priced its initial public offering of 3.9 million class A ordinary shares at $8.50 per share for expected gross proceeds of $33.2 million. Its shares slumped 25%.

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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