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Sector Update: Consumer Stocks Advance Late Afternoon

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Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 2%.

In corporate news, Target (TGT) shareholders opposed a proposal to separate board oversight from executive leadership, allowing former chief executive Brian Cornell to remain executive chair, Reuters reported. Target shares rose 3.6%.

Burlington Stores (BURL) is set to continue gaining market share and improving profitability as it strengthens merchandising, inventory allocation, and supply chain efficiency, UBS Securities said in a report. UBS has a buy rating on Burlington stock with a $435 price target. Burlington shares climbed 4%.

Oxford Industries (OXM) shares dropped 18% after the clothing company provided a fiscal Q2 sales outlook below analyst estimates, while its results declined year over year in the prior three-month period.

McGraw Hill (MH) reported a year-over-year decline in fiscal Q4 sales on Thursday amid weakness in the K-12 business. Its shares fell 3.5%.

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