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Sector Update: Consumer Stocks Rise in Afternoon Trading

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-- Consumer stocks gained Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.4%.

In corporate news, Lamb Weston (LW) shareholder Starboard Value said in a letter to the board that the company should hold an investor day and reset earnings to a normalized level. Lamb Weston shares rose 1.8%.

Wayfair (W) shares slumped 11% after the company reported Q1 adjusted earnings that missed Wall Street estimates, while net revenue topped expectations.

Ford Motor (F) is in early discussions with the US government on potential defense projects, CEO Jim Farley said on the company's earnings call. Ford shares fell 2.3%.

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Research Alert: CFRA Maintains Buy Rating On Shares Of Intercontinental Exchange, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 results, we reduce our 12-month target price by $15 to $205, reflecting a P/E of 23.1x our 2027 EPS estimate, a premium to ICE's 10-year average of 22.1x given an improving margin profile. With geopolitical uncertainty surging, we increase our 2026 EPS estimate by $0.66 to $8.36 and raise 2027's by $0.27 to $8.86. ICE's Q1 results demonstrate its competitive strength, with revenue growth accelerating across all three business segments in the face of heightened uncertainty and geopolitical tensions. The outlook remains positive, with total futures and options open interest hitting a new record just this week, suggesting Q1's momentum will persist. However, concerns about AI disruption continue to weigh on the stock, likely keeping valuation multiples compressed near term. Critically, there is little evidence of actual business deterioration, and we note fixed income recurring revenue has actually accelerated for four consecutive quarters.

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Leerink Partners Lowers Labcorp Price Target to $340 From $347

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Top Midday Gainers

Avalyn Pharma (AVLN), a clinical-stage drugmaker, said late Wednesday it has priced its upsized initial public offering of about 16.7 million shares at $18.00 apiece, targeting gross proceeds of about $300 million.Shares soared in their trading debut on Nasdaq, up over 50% at about $27.44 in afternoon trading, with intraday trading volume of over 3.65 million.Everspin Technologies (MRAM) reported Thursday an agreement with a US prime contractor to provide Toggle MRAM process technology and engineering services for United States Defense Industrial Base customers. The agreement is valued at $40.0 million and will run over two-and-a-half years.Shares surged 37% as intraday trading volume soared to over 12.6 million from a daily average of about 533,000.Viavi Solutions (VIAV) jumped 15% after its fiscal Q3 results and fiscal Q4 guidance exceeded market expectations.More than 15.1 million shares traded intraday, compared with a daily average of about 5.87 million.Price: $27.00, Change: $+9.00, Percent Change: +50.00%

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