Columbia Sportswear Co COLM:NASDAQ

Last Price$76.39NASDAQ Previous Close - Last Trade as of 4:00PM ET 8/12/22

Today's Change+0.17(0.22%)
Bid (Size)$72.00 (8)
Ask (Size)$84.45 (2)
Day Low / High$75.93 - 76.64
Volume248.4 K

Sector Update: Consumer Discretionary Stocks Leading Broader Markets Lower This Afternoon

1:27PM ET 4/29/2022 MT Newswires
Consumer stocks were broadly lower in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 1.9% and the SPDR Consumer Discretionary Select Sector ETF (XLY) retreating 3.5%.

The University of Michigan index of consumer sentiment for April was downwardly revised to a 65.2 final reading compared with the preliminary 65.7 reading released earlier this month, although the headline number still represents a 5.8-point improvement over the final print for March.

In company news, (AMZN) dropped over 13% after overnight reporting a surprise Q1 net loss of $7.56 per share, with the retail giant recognizing a $7.6 billion loss during the March quarter from its investment in electric-vehicle manufacturer Rivian Automotive (RIVN). The company also narrowly missed Wall Street expectations with its Q1 sales total while its Q2 revenue forecast range of $116 billion to $121 billion compares negatively with the $125.09 billion analyst mean.

Columbia Sportswear (COLM) declined 6.1% after its Q1 sales trailed analyst estimates. The clothier generated $761.5 million in sales during the three months ended March 31, up from $625.6 million during the same quarter in 2021 but still missing the $762.9 million Street view.

Mohawk Industries (MHK) climbed 8.1% after the carpeting and flooring firm reported a Q1 net income of $3.78 per share, improving on a $3.36 per share profit during the year-ago period and beating the Capital IQ consensus by$0.51 per share. Net sales increased 13.1% year-over-year to $3.02 billion, also exceeding the $2.85 billion analysts mean.