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Sector Update: Consumer Stocks Decline Friday Afternoon

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Consumer stocks were lower Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.5%.

In corporate news, Starbucks (SBUX) said it will cut 300 US support jobs as the coffee giant consolidates regional offices to reduce costs and streamline operations. Its shares were down 0.2%.

Magnum Ice Cream (MICC) shares jumped past 10% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids for the company.

Diageo (DEO) will integrate its Africa and Europe operations into a single division amid an overhaul including major leadership changes, Bloomberg reported. Diageo shares rose 1.7%.

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