News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Consumer Shares Fall, Led by Consumer Discretionary Stocks -- Consumer Roundup

08/05/2022 | 05:15pm EDT

Shares of retailers and other consumer companies fell as consumer discretionary stocks led decliners.

Data showed the U.S. economy added 528,000 jobs in July, far exceeding the consensus estimate of 258,000 as the unemployment rate dropped to 3.5% from 3.6%. is buying Roomba maker iRobot for $1.7 billion, including debt, as the online retailer adds another connected-home product to its portfolio. Amazon said it is paying $61 a share for iRobot in an all-cash deal.

Beyond Meat is cutting 4% of its global workforce, saying the layoffs are part of its plan to reduce costs as inflation prompts consumers to buy less-expensive protein.

Meanwhile, online used-car dealer Carvana said it is aggressively cutting costs as demand from consumers remains under pressure and the company faces the prospect of an economic downturn.

Tesla Chief Executive Elon Musk said he expects the U.S. is headed for a mild recession and predicted that the rapid pace of inflation will begin to cool. Inflation will quickly drop during the next few months, Musk said Thursday at the auto maker's annual shareholder meeting.

Shares of AMC Entertainment rose 19% after the cinema chain said revenue quintupled in the recent quarter and that it would issue a special dividend in the form of preferred shares.

 Write to Amy Pessetto at 

(END) Dow Jones Newswires

08-05-22 1714ET

Stocks mentioned in the article
ChangeLast1st jan.
AMC ENTERTAINMENT HOLDINGS, INC. -13.91% 21.36 Delayed Quote.-21.47%
BEYOND MEAT, INC. -3.13% 34.71 Delayed Quote.-46.73%
CARVANA CO. -9.10% 49.62 Delayed Quote.-78.59%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.23% 182.825 End-of-day quote.8.78%
IROBOT CORPORATION 0.05% 59.63 Delayed Quote.-9.49%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.00% 141.75 End-of-day quote.1.47%
TESLA, INC. -0.84% 911.99 Delayed Quote.-13.70%
Latest news "Economy & Forex"
05:57pRBNZ Governor Orr says inflation now tracking in right direction
05:51pU.S. prosecutors should weigh releasing more Trump search details-Bolton
05:45pFitch upgrades rating on Ukraine to 'CC'
05:36pThe WSJ Dollar Index Rises 0.32% to 98.33 -- Data Talk
05:36pEuro Gains 0.05% to $1.0179 -- Data Talk
05:35pSterling Lost 0.41% to $1.2049 -- Data Talk
05:35pDollar Gains 0.62% to 135.06 Yen -- Data Talk
05:31pDogecoin Lost 4.13% to $0.082 at 5 p.m. ET -- Data Talk
05:31pEthereum Lost 1.85% to $1850.20 at 5 p.m. ET -- Data Talk
05:31pBitcoin Lost 2.36% to $23407.72 at 5 p.m. ET -- Data Talk
Latest news "Economy & Forex"