Consumer stocks remain split between gainers and losers shortly before Wednesday’s closing bell, with the SPDR Consumer Staples Select Sector ETF falling 0.4% this afternoon while the SPDR Consumer Discretionary Select Sector ETF has pushed out to a 0.8% gain.
In company news, Sea Ltd (SE) was 10% higher in late trade after Bank of America Securities raised its price target for the online games and entertaiment company by $65.50 – or more than 94% above its previous estimate – to $135 a share and reiterated its buy rating for the stock.
Taylor Morrison (TMHC) climbed 16% after the home-builder Wednesday reported a 94% increase in June sales compared with year-ago levels, rising to a best-ever 1,715 homes last month. Q2 orders rose 23% over the same span last year, it said, with the company also closing on 3,212 home sales during the June quarter, up 24% year-over-year.
Party City (PRTY) also rose more than 12% after the retailer late Tuesday said it has regained compliance with NYSE listing rules, with its share price June 30 closing above the New York Stock Exchange’s $1 minimum and also averaging more than $1 a share over the previous 30 trading days through the end of last month.
But to the downside, DavidsTea (DTEA) declined 12% after saying it was accelerating its transition to becoming an online-only retailer and wholesaler by beginning a formal restructuring under Canada’s Companies Creditors Arrangement Act. The Quebec-based company also said its US subsidiary expects to soon reorganize under Chapter 15 of the US Bankruptcy Code, which allows foreign investors and creditors to participate in the process.
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