Consumer stocks have turned narrowly mixed in recent trading, with the SPDR Consumer Staples Select Sector ETF sliding 0.3% lower while the SPDR Consumer Discretionary Select Sector ETF was posting a 0.1% gain.
In company news, BigCommerce Holdings (BIGC) soared again on Thursday, rising as much as 43% and adding to a 201% first-day gain that followed the Australian e-commerce platform company late Tuesday pricing a $164.4 million initial public offering of 6.85 million shares at $24 each, topping its expected range of $21 to $23 per share. BIGC was up 37% around midday.
Carvana (CVNA) sprinted more than 20% higher on Thursday, earlier touching a new all-time high of $214.85 a share after Wedbush raised its price target for the company’s shares by $45 to $170 apiece and also reiterated its neutral stock rating. The upbeat analyst action followed the vehicle e-commerce company late Wednesday reporting a smaller-than-expected Q2 net loss although revenue for the June quarter narrowly missed the consensus call.
Among decliners, Avalara (AVLR) slipped nearly 4% after the sales-tax services company for retailers late Wednesday priced a $500 million public offering of more than 3.9 million common shares at $127 apiece, or 4.8% under its last closing price. The company also provided underwriters with a 30-day option to buy up to 590,551 additional shares to cover potential over-allotments.
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