Technology Sector Update for 07/17/2020: HMHC,RMBL,CARG,NFLX

Consumer stocks were broadly mixed on Friday, with the SPDR Consumer Staples Select Sector ETF climbing 0.6% this afternoon while the SPDR Consumer Discretionary Select Sector ETF was dropping 0.7%.

In company news, Houghton Mifflin Harcourt Company (HMHC) raced as much as 37% higher on Friday, more recently posting a 14% gain, after the print and digital learning publisher rejected as false several after-hours Twitter messages late Thursday saying the company had signed new sales contracts with domestic and international customers, stating, "these rumors are factually incorrect."

RumbleOn (RMBL) also rallied, rising over 93% Friday afternoon, after the e-commerce company said it was selected for a new pilot program helping auto dealers to more quickly find available vehicles for buyers on the CarGurus (CARG) website. Financial terms were not disclosed but the companies said the latest phase of CarGurus' inventory-acquisition pilot program launched this month in Massachusetts.

Among decliners, Netflix (NFLX) fell 7% after the streaming video company reported Q2 net income of $1.59 per share, improving on a $0.60 per share profit during the same quarter last year but still trailing the Capital IQ consensus expecting it to earn $1.83 per share. Netflix also warned the pace of new subscriptions could slow during the second half of 2020 compared with its record-breaking growth during the prior six months.

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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