Saturday, December 2, 2023

Consumer Sector Update for 01/17/2023: LSPD, LSPD.TO, PLBY, WILC

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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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