As April approaches, consumer stocks could be among the sectors worth watching in the stock market. For one thing, this might be thanks to the quicker-than-expected recovery of the U.S economy. For the uninitiated, consumer stocks often do well when the economy is strong, and poorly when times are tough. Next to that, we could also point towards the most recent U.S. jobless claims. Last week, the number of jobless claims fell to its lowest level in 52 years as the U.S. job market continues to show strength. Hence, with income going into the pockets of consumers, spending will likely increase. As such, investing in consumer stocks could be a considerable play for investors. 

For example, HP (NYSE: HPQ) could be a company that investors may be eyeing. This could be the case as yesterday, HP announced that it will be acquiring Poly (NYSE: POLY). Poly, formerly known as Plantronics, is an enterprise headset maker as well as a leader in workplace collaboration solutions. This acquisition is part of HP’s strategy of creating a more growth-oriented portfolio and strengthening its position as a hybrid work solutions provider. All in all, are you keen on consumer stocks? If so, look out for these four consumer stocks in the stock market today

Consumer Stocks To Buy [Or Avoid] Right Now

DoorDash

DoorDash is a company that operates primarily via its online food delivery platform of the same name. According to the company’s estimates, its delivery network consists of over 450,000 merchants, 20 million consumers, and 1 million employees. The likes of which span the U.S., Canada, Australia, and Japan. On top of that, it is also the largest food delivery company in the U.S, with a 56% market share. This week, DASH stock surged by over 10%, largely on the following news.

food delivery stocks (DASH Stock)

Namely, the delivery company announced a partnership with BJ’s Wholesale Club (NYSE: BJ). The popular delivery app will now offer on-demand grocery delivery from 226 BJ’s locations across 17 states. Consumers will be able to purchase products from BJ directly on the DoorDash app. Not to mention, members can also link their BJ’s account to get member-only pricing.

In addition to this, the partnership will also enable same-day delivery from BJs.com. This will be powered by DoorDash Drive, a white-label fulfillment platform that powers direct delivery for any business. All in all, this will help BJ’s members receive their orders directly to their homes. Given this collaboration, would you consider buying DASH stock?

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Uber

Uber is a mobility-as-a-service provider with operations in over 900 metropolitan areas worldwide. In detail, the company offers services including ride-hailing and food delivery through its Uber Eats and Postmates platform. Besides that, Uber also has package delivery and courier services. In the U.S, Uber has a 68% market share in ride-sharing and a 26% market share in food delivery. Over the past week, UBER stock has risen by over 10%. Yesterday, it was reported that the company is close to reaching an agreement with Flywheel Technologies.

food delivery stocks (UBER Stocks)

As it stands, Flywheel operates an app used by hundreds of taxi drivers in San Francisco across several taxi companies to accept rides. Accordingly, the agreement is to do with allowing Uber passengers in the city to hail a taxi in San Francisco using the Uber app.

Currently, Uber is waiting for the San Francisco Municipal Transportation Agency to approve its pilot program. If all goes well, the partnership in San Francisco could begin as soon as May. Also, Uber is currently working with oil titan BP (NYSE: BP) via a global collaboration involving the latter’s global retail network. Considering all this news, would you invest in UBER stock?

Kroger

Another top stock investors could be watching now is Kroger. It is a retailer that operates supermarkets and multi-department stores throughout the U.S. Across its portfolio of companies, it has nearly half a million associates that serve over 11 million customers daily through its seamless shopping experience under a variety of banner names. It is one of the largest supermarket chains in the U.S. by revenue and the second-largest general retailer in the country. In the past year, KR stock has impressively risen by about 45%.

best retail stocks (KR stock)

Last week, it was reported that Kroger has entered into a strategic collaboration with Nvidia (NASDAQ: NVDA) for AI-enabled applications and services. Notably, the two companies will be building a state-of-the-art AI lab and demonstration center. Evidently, this facility will serve to expand Kroger’s freshness initiatives as well as improve shipping logistics.

The lab will utilize Nvidia’s AI Enterprise software for retail, Omniverse Enterprise for digital twin simulations, and cuOpt for logistics. On top of that, the initial installation will use nine Nvidia DGX A100 systems, InfiniBand networking, and RTX workstations to gather insights on the grocer’s nearly 2,800 stores across the U.S. With this collaboration in place, should you add KR stock to your watchlist?

[Read More] Top Stock Market News For Today March 30, 2022

Sweetgreen

Sweetgreen is a fast-casual restaurant chain that focuses on serving healthy and environment-friendly food. For the most part, it serves salads, warm bowls, and soups to name a few. Besides that, it also offers packaged goods such as dressings, sauces, or packaged produce. Sweetgreen operates roughly 140 restaurants spread around 13 states in the country. Additionally, the company also hires approximately 4,000 employees. In the past month, the price of SG stock has increased by more than 40%.

SG stock

On Wednesday last week, Sweetgreen announced that it will be opening its first drive-thru pickup window, called the “Sweetlane”, in Schaumburg, Illinois. The drive-thru is scheduled to open within the next year. Unlike traditional drive-thrus, the Sweetlane will only be available to customers who place orders in advance through Sweetgreen’s digital platform.

Furthermore, the restaurant will also feature an observation window for customers to watch their meal being prepared as they wait to pick up their orders. Overall, this marks the company’s strategy to boost digital experiences for its customers. Digital sales made up 67% of Sweetgreen’s revenue in 2021. And with that, does SG stock deserve a spot in your portfolio?

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