Industry Update: Consumer Discretionary Stocks Help Accelerate Market Advance Monday

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Consumer stocks were mixed overall in Monday’s trading, with the SPDR Consumer Staples Select Sector ETF (XLP) down 0.1% and the SPDR Consumer Discretionary Select Sector ETF (XLY) up 2.3%.

In corporate news, ODP (ODP) jumped nearly 16% after the online retail platform company plans to repurchase up to $600 million in shares, which will include a public offering $300 million modified cash purchase agreement “at the Dutch auction”. The company also said it likely earned between $0.78 and $0.80 per share in its second quarter on about $2 billion in sales. Analysts, on average, are looking for earnings of $0.46 per share on $2.04 billion in revenue.

Ambow Education Holding (AMBO) fell 1.1% on Monday after the vocational education company said it would upgrade smart classroom offerings for Hulunbuir College in China’s Inner Mongolia Autonomous Region. and would develop a new registration system for Baotou Medical College in Mongolia. Financial terms were not disclosed.

Jerash Holdings (JRSH) was down 1.9% this afternoon, reversing an early 1% gain that followed the company on Monday saying it will start making apparel for Skechers (SKX), starting around 500,000 women’s polo shirts every year for the footwear and apparel company. Skechers shares were still up 2.8%.

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