GRAB

Grab Holdings Limited

3.76
USD
2.17%
3.76
USD
2.17%
2.26 13.29
52 weeks
52 weeks

Mkt Cap 13.60B

Shares Out 3.62B

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Consumer Sector Update for 06/08/2022: VRA,SMG,BROS,GRAB

Consumer stocks were ending moderately lower in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 0.8% although the SPDR Consumer Discretionary Select Sector ETF (XLY) was slipping just 0.3%. In company news, Vera Bradley (VRA) dropped 7.7% after reporting a wider Q1 net loss and a nearly 10% drop in sales from year-ago levels and the fashion and home accessories company also slashing its FY23 earnings forecast. The company is now projecting FY23 net income in a range of $0.35 to $0.50 per share, down from its prior guidance expecting between $0.57 to $0.67 per share and trailing the two-analyst mean looking for a $0.60 per share profit this year. Scotts Miracle-Gro (SMG) fell 9% after the lawn and garden retailer cut its FY22 earnings and sales forecasts, with the company now projecting non-GAAP net income in a range of $4.50 to $5.00 per share compared with the Capital IQ consensus looking for a $6.73 per share adjusted profit for the 12 months ending Sept 30. It also sees US consumer sales dropping 4% to 6% from year-ago levels, down from its Feb. 1 guidance expecting between 2% growth to a 2% decline. Sales for its Hawthorne nutrients division are seen falling 40% to 45% this year, it said. Dutch Bros (BROS) fell 3.6% following a JPMorgan downgrade of the coffee shop chain to neutral from overweight previously. Grab Holdings (GRAB) rose over 14% after the mobile e-commerce platform firm Wednesday announced the launch of its new GrabMaps mapping and location-based services application. GrabMaps currently provides hyper-local intelligence and services throughout all of the company's verticals in seven of the eight countries it operates and is expected to be fully self-sufficient later this summer. 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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