Sector update: Consumer Staples inventories are recovering late, rising to almost the same level

Consumer stocks ended slightly lower on Monday versus most other sectors this afternoon, with the SPDR Consumer Staples Select Sector ETF (XLP) losing 0.3% while the SPDR Consumer Discretionary Select Sector ETF (XLY) fell 1.0%.

In company news, Wolfspeed (WOLF) climbed 1.1%, previously climbing nearly 7% to a record $ 84.56 per share, after saying it would supply silicon carbide to General Motors (GM) for use as power electronics in GMC electric vehicles. Financial terms of the supply agreement were not disclosed. Separately, GM shares also rose 1.4% amid reports from activist investors the No.1 Engine took a stake in the automaker.

ContextLogic (WISH) fell 9.4% following Oppenheimer’s downgrade of the mobile e-commerce company to underperform previous performance.

Nu Skin Enterprises (NUS) fell 2.1% after warning it planned to post “weaker than expected” revenue for its fiscal third quarter ended Sept. 30 in a range of $ 637 million to $ 642 million dollars due to market disruptions resulting from the delta variant of COVID-19 in mainland China and Southeast Asia. Analysts polled by Capital IQ expect the company to generate around $ 721.8 million in third quarter revenue.

Inter Parfums (IPAR) was down narrowly, erasing an almost 1% drop earlier on Monday, after announcing a 10-year agreement that makes it the exclusive global licensee for the production and distribution of Ferragamo-branded fragrances .

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