Consumer stocks were edging higher during Tuesday trading, with the Consumer Staples Select Sector SPDR Fund (XLP) climbing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.3%.
In company news, Lightspeed Commerce (LSPD) has turned 2% higher, rebounding from a 5.3% mid-morning slide, after the ecommerce platform company plans to eliminate about 10% of its current workforce as part of a broader streamlining of its operations. Roughly half of the 300 positions on the chopping block will come from its management ranks, it said, adding it expects to take between $12 million to $14 million in restructuring charges against its Q4 results.
PLBY Group (PLBY) gained 6.3% after the leisure products company said it was forming a majority owned joint venture with Charactopia Licensing to market and run Playboy-branded apparel consumer products in China. PLBY values its primary stake in Playboy China at around $250 million.
G. Willi-Food International (WILC) slid 2.2% after the kosher foods distributor selected Joseph Williger, one of its controlling shareholders and until now its co-chairman of the board, to be its new CEO, subject to shareholder approval. He succeeds Erez Viner, whose term as chief executive expired Tuesday, the company said.
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