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Consumer Sector Update for 07/07/2020: WWE,SHAK,EXPE,LGIH

Consumer stocks were ending broadly mixed, with the SPDR Consumer Staples Select Sector ETF climbing 1.3% this afternoon while the SPDR Consumer Discretionary Select Sector ETF was dropping 1.3%.

In company news, World Wrestling Entertainment (WWE) was 2.5% lower amid declines for the broader markets and the company Tuesday naming former Etsy (ETSY) executive Kristina Salen as its new chief financial officer, effective August 3. She succeeds board member Frank Riddick III, who had been interim CFO at WWE since April 28. Salen was Etsy’s first CFO, helping guide the e-commerce platform company through its initial public offering, and previously held financial and operational roles at online seller Moda Operandi and at marketing and artist services firm Translation Enterprises/United Masters.

Expedia (EXPE) slipped 2.5% after the travel reservations website Tuesday began a private placement of new senior unsecured notes to raise funds for a planned redemption of its outstanding 9.5% Series A preferred stock. The company also may use some or all of the net proceeds for other general corporate purposes, it said.

Shake Shack (SHAK) fell over 6% after the fast-food restaurant chain Tuesday reported a 49% decline in same-restaurant sales during its Q2 ended July 1 from year-ago levels, dragged down by a 60.1% decline in customer traffic and producing $91.8 million in total revenue, including about $2.3 million in license revenue.

Among gainers, LGI Homes (LGIH) rose more than 6% after the builder late Monday said it closed on 760 home sales during June, up from 651 closings during the same month last year. The % year-over-year increase also lifted the company’s Q2 total to 2,005 home closings compared with 1,944 during the year-ago quarter. LGI Homes will to report its Q2 financial results on August 4.

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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