Consumer stocks were drifting lower in Tuesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.3% while the SPDR Consumer Discretionary Select Sector ETF (XLY) was slipping 0.3%.
In company news, Herbalife Nutrition (HLF) dropped 18.5% after cutting its Q3 earnings forecast by $0.05 per share to a new range of $1.00 to $1.20 per share, excluding one-time items, and also lowering its outlook for adjusted FY21 profit by $0.15 per share to a new range of $4.55 to $4.95 per share. The Street is at $1.14 and $4.96 per share, respectively, according to Capital IQ.
Las Vegas Sands (LVS) was down almost 13%, leading declines for casino companies with operations in Macau following reports Chinese authorities want to strengthen their regulatory control of the gambling mecca and a five-year regional development plan issued Monday also includes a proposal to boost local ownership of the casinos. Wynn Resorts (WYNN) was dropping 12% while Melco Resorts (MLCO) slid 7.1% and MGM Resorts (MGM) fell 4.6%.
To the upside, Jumia Technologies AG (JMIA) rose almost 1% after the e-commerce platform company said co-CEO Jeremy Hodara Monday purchased 50,000 of its shares on the open market using his personal funds at prevailing market prices.
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