Wall Street finished higher on Friday after the Federal Reserve’s preferred measure of inflation gauge showed results in line with expectations. From a sector-by-sector stance, 10 of the 11 S&P groups closed in positive trading territory, while consumer staples suffered the most.
Let us look at last week's best and worst performers in the consumer staples segment.
Top weekly gainers include:
- Bungee Global (BG) +3.54%
- Clorox (CLX) +2.24%
- Monster Beverage (MNST) +1.89%
- Altria Group (MO) +1.26%, after announcing deal with South Korea’s KT&G to expand nicotine pouches. Goldman Sachs pointed out that it was positive for the company as it aligns with the company's goal to pursue adjacent growth opportunities in the international smoke-free products market and non-nicotine products over the long term.
- Philip Morris (PM) +1.19%
Top weekly losers include:
- Kenvue (KVUE) -10.47%, following a media report earlier this month that HHS was set to tie use of the painkiller Tylenol (acetaminophen) during pregnancy to developing autism.
- Keurig Dr. Pepper (KDP) -5.94% after BNP Paribas said the JDE Peet's (OTCPK:JDEPF) (OTCPK:JDEPY) deal was poorly received by the market, and management is in the position of having to sell it to a shareholder base that is in an unforgiving mood.
- Church & Dwight (CHD) -4.04%
- Campbells (CPB) -4.04%
- Molson Coors Beverage Company (TAP) -3.74% post CEO switch amid some market share loss to Anheuser-Busch InBev (BUD), which has the number one (Michelob Ultra) and number three (Bud Light) beer brands.
ETFs to tab consumer staples: (NYSEARCA:VDC), (NYSEARCA:IYK), (NYSEARCA:FSTA), (NYSEARCA:KXI), (NYSEARCA:FXG), (NYSEARCA:RSPS).
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