Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.1%.In corporate news, Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said. Paramount shares were up 1.7%, and Warner Bros. climbed 2.4%.Casey's General Stores (CASY) shares gained 4.1% after Northcoast Research upgraded the stock to buy from neutral with a price target of $950 per share.Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 0.8%.New York Times (NYT) reporters were subpoenaed by the Trump administration as part of a leak investigation tied to the newspaper's reporting on security concerns involving a Qatari-gifted Air Force One aircraft, The Wall Street Journal reported. According to the report, four New York Times reporters were subpoenaed after the newspaper reported that President Donald Trump returned from Turkey on an older Air Force One over security concerns involving the Qatari-gifted jet. New York Times shares were up 0.3%.
