BGS - Why Mattel AMC Networks and B&G Foods Stocks Jumped Tuesday
2023-10-17 15:22:34 ET
Shares of consumer goods stocks jumped on Tuesday after some positive data was released. The Census Bureau reported that retail sales rose 0.7% month over month in September on the back of higher spending at restaurants and bars, and on vehicles. Analysts were only expecting a 0.3% increase in sales.
In response to the report, consumer goods and entertainment stocks were on the rise. AMC Networks (NASDAQ: AMCX) jumped by as much as 5.3%, Mattel (NASDAQ: MAT) was up by as much as 4.9%, and B&G Food (NYSE: BGS) popped by as much as 4.6%.
It's hard not to see this latest data as bullish for companies that rely on consumer spending. Retail and food service sales were up 0.7% sequentially to $704.9 billion, and for the third quarter, total sales were up 3.1%.
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Why Mattel, AMC Networks, and B&G Foods Stocks Jumped Tuesday