Sector Update: Consumer Stocks Decline Late Afternoon
Consumer stocks were falling late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) shedding 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 1.6%.In corporate news, Netflix's (NFLX) Q2 revenue fell short of Wall Street's estimates, while the streaming giant said it will no longer publish its engagement report semi-annually. Its shares fell 7.4%.Walmart's (WMT) chief operating officer for its US operations, Kieran Shanahan, is leaving the role, with COO for Walmart International, Kyle Kinnard, taking over effective immediately, Walmart said Friday. Walmart shares were down 0.4%.Autoliv's (ALV) Q2 revenue topped expectations, though earnings fell short amid higher raw material costs. Autoliv shares were down 3.5%.Electronic Arts (EA) is expected to receive European Union approval under the bloc's foreign subsidy rules for its proposed $55 billion acquisition by an investor group led by Saudi Arabia's Public Investment Fund, Reuters reported. Electronic Arts shares added 0.5%.A federal judge in California said Friday she would rule by July 22 on a dozen states' request to at least temporarily block Paramount Skydance's (PSKY) takeover of Warner Bros. Discovery (WBD), Bloomberg reported. Paramount shares were down 4.7%, and Warner shed 1.5%.
