Consumer Sector Update for 12/28/2020: DPW, MAGS, BABA, XLP, XLY

Consumer stocks were flat to higher before markets opened on Monday. Shares of consumer staples companies in the S&P 500 (XLP) added 0.3% while consumer discretionary firms (XLY) were unchanged.

Magal Security Systems (MAGS) rose 5% after it said premarket Monday that it secured a $9 million three-year contract to maintain and upgrade an integrated security system and telecommunication infrastructure at a major African seaport.

DPW Holdings (DPW) rose more than 11% after announcing that its power electronics business, Coolisys Technologies, has been awarded a $1.1 million contract to manufacture and supply a rugged fully customized DC to DC multiple output power switching product for tactical military use.

Meanwhile, Alibaba (BABA) declined 1.8% after its board authorized an increase in its share repurchase program to $10 billion from $6 billion.

Alibaba (BABA)-backed Ant Group has also been ordered by Chinese regulators to focus back on its payment business and rectify problems within its personal lending, insurance and wealth management services, according to media reports.

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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