Sector Update: Consumer Stocks Fall Pre-Bell Friday

MT Newswires Live03-07

Consumer stocks fell pre-bell Friday as the Consumer Staples Select Sector SPDR Fund (XLP) was down 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 0.5% was lower recently.

Gap (GAP) shares advanced by over 14% after the company reported fiscal Q4 net income and net sales that topped analysts' expectations, with net income increasing year over year.

Wayfair (W) shares were up more than 2% after the company said it is reducing its technology team by 340 employees as part of a restructuring effort to "reshape, streamline, and refocus" its technology operations following certain milestones that were completed.

Lands' End (LE) shares rose past 11% after the company said its board has begun a review of potential strategic moves, which could include a sale or merger.

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