Investing.com - Starbucks’ sales added some froth to the consumer discretionary sector, but it was Rubbermaid maker Newell Brands' containers that really gave investors something to hang onto.
The S&P 500 Consumer Discretionary index showed some resilience amid late-morning selling, rising about 0.18% at 12:17 PM ET (16:17 GMT).
Starbucks (NASDAQ:SBUX) garnered all the premarket headlines and endorsements from sell-side analysts after reporting results after the bell. The coffee chain’s same-store sales, which rose 4% in the U.S., were the highlight, beating analyst expectations.
Shares climbed about 9% midday, hitting new 52-week – and all-time – highs.
But Newell Brands (NYSE:NWL), which makes a range of other products, including Sharpie markers, was the bigger gainer in the sector index, jumping about 15%.
The company, which activist investors Carl Icahn has zeroed in on, said it is making progress with its turnaround efforts.
It also reported a quarterly profit, excluding one-time items this morning, that blew away forecasts.