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Consumer Sector Update for 06/11/2020: TLRD, JACK, F, XLP, XLY

Consumer stocks retreated during Thursday’s premarket trading. Shares of staples companies in the S&P 500 (XLP) slipped 1.5%, while consumer discretionary firms (XLY) declined by 3.1%.

Jack in the Box (JACK) rose nearly 3% after reporting late Wednesday that its same-store sales accelerated into Q3, with system comparable sales through the first eight weeks ended June 7 jumping by about 5%.

Tailored Brands (TLRD) added more than 3% after the retailer issued a business update saying it has taken “decisive actions” to increase its liquidity and reduce cash outflows. The company earlier said in a regulatory filing that it may cut back or terminate operations and/or seek bankruptcy protection if the COVID-19 pandemic continues to impact its sales.

Meanwhile, Ford Motor (F) fell more than 10% after announcing that it is recalling 2.15 million vehicles in the US and federal territories due to a door latch issue, and another 343,900 vehicles in the US, Canada and Mexico due to brake fluid loss.

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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