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Sectors

Sector Update: Consumer Stocks Higher Late Afternoon

Consumer stocks were rising late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.3%.In sector news, Redbook US same-store sales rose by 9.1% from a year earlier in the week ended June 6 after a 9.0% year-over-year increase in the previous week, with seasonal buying accounting for a smaller share of activity than in recent weeks.In corporate news, Stellantis (STLA) is recalling nearly 790,000 Jeep Wranglers and nearly 290,000 Jeep Gladiators due to issues with the Electric Hydraulic Power Steering Pump that, in some cases, can cause overheating of combustible materials leading to a fire, according to a National Highway Traffic Safety Administration recall report. Stellantis shares were down 0.3%.J.M. Smucker (SJM) reported better-than-expected fiscal Q4 results on Tuesday, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint. Its shares jumped past 8%.United Natural Foods (UNFI) shares fell more than 11% after the company reported fiscal Q3 net sales below Wall Street's estimates on Tuesday. The food distributor also logged double-digit declines in conventional and retail sales.Academy Sports and Outdoors (ASO) raised its full-year outlook on Tuesday as fiscal Q1 earnings topped market estimates, but the company expects inflationary pressures to continue weighing on consumer spending for the rest of 2026. Its shares were down 2.4%.

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Sectors

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.2%.In sector news, Redbook US same-store sales rose by 9.1% from a year earlier in the week ended June 6 after a 9.0% year-over-year increase in the previous week, with seasonal buying accounting for a smaller share of activity than in recent weeks.In corporate news, J.M. Smucker (SJM) reported better-than-expected fiscal Q4 results on Tuesday, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint. Its shares jumped past 10%.United Natural Foods (UNFI) shares fell more than 11% after the company reported fiscal Q3 net sales below Wall Street's estimates on Tuesday. The food distributor also logged double-digit declines in conventional and retail sales.Academy Sports and Outdoors (ASO) raised its full-year outlook on Tuesday as fiscal Q1 earnings topped market estimates, though the sporting goods retailer expects inflationary pressures to continue weighing on consumer spending for the rest of 2026. Its shares added 0.9%.

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Academy Sports and Outdoors Lifts Fiscal 2026 Earnings Outlook Despite Consumer Pressure
US Markets

Academy Sports and Outdoors Lifts Fiscal 2026 Earnings Outlook Despite Consumer Pressure

Academy Sports and Outdoors (ASO) raised its full-year outlook on Tuesday as fiscal first-quarter earnings topped market estimates, though the sporting goods retailer expects inflationary pressures to continue weighing on consumer spending for the rest of 2026.The company boosted its full-year adjusted earnings guidance to $6.40 to $6.80 a share, up from the prior forecast of $6.10 to $6.60. Analysts polled by FactSet project $6.29.Academy expects full-year sales of $6.23 billion to $6.36 billion, compared with the previous low-end estimate of $6.18 billion. Comparable sales are forecast to be flat to up 2%, versus the earlier projection for a 1% decline at the low end. The FactSet consensus calls for sales of $6.31 billion and same-store sales growth of 0.9%."We are raising the low end of our full-year guidance" following the first-quarter performance, CEO Steve Lawrence said in a statement. "While we expect inflationary pressures to continue impacting consumer spending for the remainder of the year, our goal is to build on the momentum in our business."Academy's shares jumped 8.2% in Tuesday trading and are up 12% this year."Overall, we remain cautious on underlying demand trends for core middle-income consumers in a volatile macro environment," Truist Securities said in a report.In the three months ended May 2, adjusted EPS rose to $0.93 from $0.76, topping Wall Street's $0.91 estimate. Sales gained 6.7% to $1.44 billion, in line with the market consensus.Comparable sales rebounded to growth of 2.9% in the quarter from a 3.7% decline a year earlier. The market forecast was for an increase of 2.5%.In May, rival Dick's Sporting Goods (DKS) reported fiscal first-quarter results above market expectations and affirmed its full-year outlook.Price: $55.89, Change: $+4.22, Percent Change: +8.16%

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Sectors

Sector Update: Consumer Stocks Rise Pre-Bell Tuesday

Consumer stocks rose pre-bell Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) marginally up and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.7% higher.United Natural Foods (UNFI) stock was down more than 13% after the company reported a decline in fiscal Q3 net sales, also missing analysts' expectations.Carnival (CCL) deployed Konami Gaming's Synkros casino management system across the Carnival Cruise Line fleet, Konami said. Carnival shares were up more than 1% premarket.Academy Sports and Outdoors (ASO) stock was up more than 3% after the company posted higher fiscal Q1 adjusted earnings and net sales, and raised its fiscal 2026 outlook.

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Equities Rise Pre-Bell as Chip Stocks Extend Gains
US Markets

Equities Rise Pre-Bell as Chip Stocks Extend Gains

US equity futures were tracking in the green on Tuesday amid continued momentum in artificial intelligence and semiconductor stocks.The S&P 500 rose 0.4%, the Dow Jones Industrial Average gained 0.3% and the Nasdaq added 0.8% in premarket activity. The S&P 500 and the Nasdaq finished Monday trading higher, while the Dow closed in the red for a second consecutive session.OpenAI said on Monday it has confidentially filed for a potential initial public offering in the US, after similar moves last week by AI firm Anthropic and rocket and satellite company SpaceX.OpenAI hasn't decided on the timing of the IPO yet, according to a blog post. "It may be a while because there are things we want to do that are likely easier as a private company," the tech firm added.Shares of Qualcomm (QCOM) increased 2.8% pre-bell, while Intel (INTC) inclined 2.2% after an 11% jump at the close of Monday. Micron Technology (MU) added 4.1% following a 9.9% increase in the previous session, while Nvidia (NVDA) was up 0.7%. Advanced Micro Devices (AMD) gained 2.5% before the bell after closing the previous session up 5.1%, while Broadcom (AVGO) increased 1.1%."In our view, volatility in technology stocks is likely to continue, although the (artificial intelligence) investment boom appears robust," D.A. Davidson said in a report on Monday. "We continue to expect a broadening of gains supporting sector diversification in portfolios."West Texas Intermediate crude oil declined 2.1% to $89.37 a barrel before the opening bell, while Brent moved down 1.6% to $92.73.Iran and Israel reportedly suspended strikes against each other, although Tehran vowed to resume attacks if Israel continues to target Iran-backed Hezbollah in Lebanon. In a social media post, President Donald Trump said both Israel and Iran were "looking to do an immediate ceasefire.""Overall, the situation remains fragile, and for the oil market, the status quo holds: global inventories continue to draw, with analysts increasingly convinced that inventories will reach dangerously low levels by the end of June (if not sooner)," Tudor Pickering Holt Analyst Matt Portillo said in a note.Treasury yields were mixed in premarket action, with the two-year rate retreating 1.1 basis points to 4.15% while the 10-year rate rose 0.6 basis points to 4.56%.Tuesday's economic calendar has the international trade in goods and services report for April at 8:30 am ET, followed by the existing home sales report for May at 10 am. The National Federation of Independent Business small business optimism index posted a 0.6-point decrease for May to 95.3.J.M. Smucker (SJM), SailPoint (SAIL), United Natural Foods (UNFI) and Academy Sports and Outdoors (ASO) report their latest financial results before the bell, among others. Casey's General Stores (CASY) posts earnings after the markets close.Gold slipped 0.1% to $4,359 per troy ounce, while bitcoin fell 1.1% to $62,725.

Dow JonesNasdaq CompositeS&P 500$ASO$CASY$INTC$MU$NVDA$QCOM$SAIL$SJM$UNFI
Wire

Academy Sports and Outdoors to Open 3 New Stores in Q2

Academy Sports and Outdoors (ASO) said Tuesday it plans to open three new stores in Q2 as part of its US expansion strategy.The company said the new locations will open in Altoona, Pennsylvania; North Knoxville, Tennessee; and Morristown, Tennessee.Academy said the expansion follows the addition of two new sites in Q1, 24 stores across 16 states in 2025 and 16 stores across 10 states in 2024.Shares of the company were down about 2% in early trading Tuesday.Price: $49.00, Change: $-0.98, Percent Change: -1.97%

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Wire

Academy Sports and Outdoors Plans $500 Million Notes Offering

Academy Sports and Outdoors (ASO) said Monday it intends to offer $500 million aggregate principal amount of senior secured notes due 2031 through its wholly owned subsidiary, Academy, in a private offering.The company plans to use the proceeds to redeem its outstanding senior secured notes due 2027, repay borrowings under its term loan facility and cover related fees and general corporate purposes.Academy also said it has issued a notice of conditional redemption for all of its 2027 notes, with a redemption date set for May 14. The redemption is subject to the completion of the new notes offering.Shares of the company were down 1% in Monday trading.Price: $53.25, Change: $-0.53, Percent Change: -0.99%

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Wire

Truist Securities Raises Price Target on Academy Sports and Outdoors to $54 From $52, Maintains Hold Rating

Academy Sports and Outdoors (ASO) has an average rating of overweight and mean price target of $60.17, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $57.84, Change: $-0.79, Percent Change: -1.35%

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