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Wire

Starbucks Momentum Continues After Strong Q3 Results, RBC Says

Starbucks' (SBUX) is maintaining momentum after "fundamentally strong" fiscal Q3 results, though questions remain about how long that strength can persist, RBC Capital Markets said Thursday in a report.Starbucks raised its full-year guidance on Wednesday after Q3 revenue and earnings topped expectations. The company is accelerating store remodels, with revamped locations showing transaction growth across formats and customer segments, the report said.Operational metrics, including store ranking, service speed and food availability, showed improvement, and the rewards program is tracking ahead of internal expectations, RBC said.Still, Starbucks faces potential for further North America store closures, and full-year guidance implies limited upside for Q4 EPS, the report said.RBC raised its price target on Starbucks stock to $115 from $110 and maintained its sector-perform rating.Price: $107.43, Change: $+3.29, Percent Change: +3.16%

$SBUX
Asia Markets

Update: US Equity Futures Rise Pre-Bell Amid Latest Big Tech Earnings, Fed Rate Decision

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Thursday as traders took note of the Federal Reserve's decision to leave interest rates unchanged, as well as the latest round of earnings from major tech players Microsoft (MSFT) and Meta Platforms (META).Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.6%, and Nasdaq futures were 1.5% higher.The Fed held its policy rate steady in a divided decision, as three officials called for policy tightening. The Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause. The committee reiterated its pledge to "deliver price stability" as inflation remained above the 2% target amid supply shocks.Late Wednesday, Microsoft reported higher fiscal Q4 adjusted earnings and revenue, while Meta posted a decline in earnings and higher revenue for Q2.Apple (AAPL) is expected to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $1.89 per share on revenue of $109.04 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.1% at $87.12 per barrel and US West Texas Intermediate crude 0.8% lower at $83.80 per barrel.The June core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, released at 8:30 am ET, slowed to 0.1% from a pace of 0.3% in the prior month and the expected 0.2% increase in estimates compiled by Bloomberg.Initial jobless claims rose to 197,000 in the week ended July 25 from an upwardly revised 188,000 level in the previous week, compared with expectations for an increase to 200,000. Q2 GDP growth was recorded at a 1.5% annual rate, compared with expectations for 2%.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 0.6% lower. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Microsoft shares rose 9% after the company's fiscal Q4 results topped expectations, driven by a revenue surge in cloud computing platform Azure. Lam Research (LRCX) stock was up 13% after the company posted better-than-expected fiscal Q4 adjusted earnings and revenue, as well as issued Q1 guidance that surpassed analysts' consensus. Arm (ARM) shares were 11% higher after the company reported a fiscal Q1 beat for adjusted earnings and revenue. Starbucks (SBUX) stock was up 4.4% after the company's fiscal Q3 adjusted earnings and revenue surpassed expectations and its fiscal 2026 adjusted EPS outlook was boosted.On the losing side, Meta stock was down nearly 10% after the company's Q2 earnings fell short of consensus estimates. Qualcomm (QCOM) shares fell 3.1% after the company reported lower fiscal Q3 adjusted earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$AAPL$ARM$LRCX$META$MSFT$QCOM$SBUX
Wire

Starbucks Fiscal Q3 Adjusted Earnings Rise, Revenue Declines; 2026 Guidance Revised

Starbucks (SBUX) reported fiscal Q3 adjusted earnings late Wednesday of $0.85 per diluted share, up from $0.50 a year earlier.Analysts polled by FactSet expected $0.66.Revenue for the three months ended June 28 was $9.32 billion, down from $9.46 billion a year earlier.Analysts expected $9.17 billion.For the full-year fiscal 2026, the company now expects adjusted EPS of $2.55 to $2.65 from $2.25 to $2.45 earlier.Analysts expect $2.40.The company maintained its quarterly dividend at $0.62 per share, payable Aug. 28 to stockholders of record Aug. 14.

$SBUX
Stocks Mostly Up Pre-Bell Ahead of Fed Rate Decision, Big Tech Earnings
US Markets

Stocks Mostly Up Pre-Bell Ahead of Fed Rate Decision, Big Tech Earnings

The main US stock measures were mostly trending higher in Wednesday's premarket activity as traders await a major policy decision by the Federal Reserve and the latest quarterly results of two of the largest technology companies.The S&P 500 rose 0.2% and the Dow Jones Industrial Average edged up 0.1% before the opening bell, while the Nasdaq declined 0.1%. The S&P 500 and the Dow finished Tuesday trading in the green, with the latter recording its third consecutive day of gains, while the Nasdaq closed lower for the fifth straight session.The Fed's monetary policy committee will announce its latest decision on interest rates at 2 pm ET. The probability of the central bank leaving its benchmark lending rate unchanged stood at about 66% on Wednesday, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.Fed Chair Kevin Warsh is expected to hold a press conference at 2:30 pm."The doves are optimistic that inflation could cool further into year-end as the impact of tariffs rolls off and energy prices stabilize," Stifel said in a report Tuesday. "The recent rise in tensions overseas, however, coupled with (artificial intelligence)-sector price pressures suggest further upside inflationary risks remain, shifting the pendulum back into the hawk's camp."Treasury yields were up in premarket action, with the two-year rate increasing 2.9 basis points to 4.31% and the 10-year rate adding 1.6 basis points to 4.62%.Iran's Islamic Revolutionary Guard Corps launched multiple ballistic missiles in "an attempted surprise attack" on US forces based in the Middle East, the US Central Command said in a Tuesday post on the X platform. "All Iranian missiles were successfully intercepted," according to CENTCOM.In a separate statement, CENTCOM said it launched joint strikes with the Saudi Arabian armed forces against "Iran-aligned terrorists" in Iraq on Tuesday.West Texas Intermediate crude oil inclined 3.7% to $82.03 a barrel before the open, while Brent advanced 3.7% to $87.16.Microsoft (MSFT) and Meta Platforms (META) are scheduled to release their latest financial results after the markets close, along with Arm Holdings (ARM), Qualcomm (QCOM) and Starbucks (SBUX).Procter & Gamble (PG), Amphenol (APH), General Dynamics (GD), Johnson Controls (JCI), Boston Scientific (BSX), Humana (HUM) and GE HealthCare Technologies (GEHC) post their earnings before the bell, among others.Shares of Visa (V) decreased 0.8% pre-bell after the payments company reported its fiscal third-quarter results. Ford Motor (F) gained 4.3% as the automaker lifted its full-year core profit outlook. Lucid Group (LCID) was down 0.8% following a 21% jump at the close of Tuesday as Saudi Prince Alwaleed Bin Talal Al Saud disclosed a 5% stake in the company.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the EIA domestic petroleum inventories report at 10:30 am.Gold slipped 0.2% to $4,032 per troy ounce, while bitcoin rose 1.4% to $64,588.

Dow JonesNasdaq CompositeS&P 500$APH$ARM$BSX$F$GD$GEHC$HUM$JCI$LCID$META$MSFT$PG$QCOM$SBUX$V
Starbucks' Turnaround Strategy Could Drive US Comparable Sale Upside, UBS Says
US Markets

Starbucks' Turnaround Strategy Could Drive US Comparable Sale Upside, UBS Says

Starbucks' (SBUX) progress on its turnaround strategy could drive US comparable sales above consensus estimates for the fiscal third quarter, UBS Securities said in a note Friday.The brokerage expects US same-store sales growth of about 7% at the coffee giant, compared with Wall Street's 6.2% view, driven by gains in transactions and ticket size. Starbucks is scheduled to report its results Wednesday.UBS attributed the sales momentum to marketing and menu innovation, as well as to operational improvements, including store closures."We expect (Starbucks) turnaround plans and new sales initiatives should continue to support a sales recovery," UBS Analyst Dennis Geiger said.The company launched its "Back to Starbucks" strategy in September 2024 to revive traffic growth and support long-term margin expansion. Starbucks has announced multiple rounds of layoffs since 2025.Investors expect an upside to Starbucks' third-quarter earnings consensus of $0.66 per share, along with an increase to its full-year adjusted EPS guidance, according to the UBS note.Earlier in the year, the company raised its adjusted EPS outlook to between $2.25 and $2.45 as its second-quarter results exceeded market expectations.The brokerage projects full-year EPS of $2.41 against the consensus view of $2.40.UBS has a neutral rating on Starbucks' stock with a $105 price target. The stock has rallied nearly 23% so far this year."We believe shares already reflect a solid multiyear sales and earnings recovery, with a balanced risk/reward profile at current levels based on a reasonable valuation and the upper end of (or above) the (fiscal year 2028) target earnings range," Geiger added.US restaurant and food distributors likely saw a mixed second quarter as stable same-store sales mask underlying strains like slowing retail growth, Morgan Stanley said in a note last week. The beverage segment continues to be a "bright spot," said Morgan Stanley, which remained overweight on Starbucks.Price: $103.61, Change: $+0.40, Percent Change: +0.39%

$SBUX
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks advanced late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.4%.In corporate news, MarineMax (HZO) shares jumped past 8% after Reuters reported that Blackstone (BX) is among the final bidders to buy the company. Donerail and Centerbridge are also finalists, the report said.Rivian Automotive (RIVN) filed a lawsuit in the US Court of International Trade seeking refunds of tariffs it paid under the International Emergency Economic Powers Act after the US Supreme Court ruled the levies were unlawful, according to a Thursday court filing. Rivian shares were down 3.9%.Lamb Weston (LW) provided upbeat full-year earnings guidance after delivering a fiscal Q4 beat, while the company said disruption from the Middle East conflict weighed on its business in Europe, the Middle East and Africa. Its shares were down 0.5%.Verizon Communications (VZ) raised its full-year earnings outlook on Friday amid phone subscriber gains in Q2, while Charter Communications (CHTR) reported a decline in broadband customers due to competitive pressures. Verizon shares gained 5.2%, and Charter fell 2.9%.Starbucks (SBUX) is expected to report continued sales momentum in fiscal Q3 as its turnaround plans and new sales initiatives supported a recovery in the US business, UBS Securities said in a note. Starbucks shares added 0.6%.

$CHTR$HZO$LW$RIVN$SBUX$VZ
Sectors

Sector Update: Consumer

Consumer stocks advanced late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.3%.In corporate news, Starbucks (SBUX) is expected to report continued sales momentum in fiscal Q3 as its turnaround plans and new sales initiatives supported a recovery in the US business, UBS Securities said in a Friday note. Starbucks shares added 0.7%.

$SBUX
Wire

Starbucks Sales Momentum Likely Continued in Fiscal Q3, UBS Says

Starbucks (SBUX) is expected to report continued sales momentum in fiscal Q3 as its turnaround plans and new sales initiatives supported a recovery in the US business, UBS Securities said in a Friday note.The company is scheduled to report fiscal Q3 earnings on Wednesday.Same-store sales in North America are projected to grow 7% year over year, consisting of a 2% increase in average spend per customer and a 5% rise in the number of transactions, UBS said. Around half of the momentum comes from marketing and menu innovation, with the other half reflecting operational factors, including store closures, according to the note.For fiscal Q4, UBS expects new product launches to support sales, while underlying improvement should continue even as comparisons become more difficult. The momentum is expected to be driven by ongoing operational gains, afternoon offerings, marketing, and digital/loyalty program contributions, the analysts added.The company's shares already reflect a solid multiyear improvement in sales and profits, with a balanced risk-reward profile at current levels, the analysts said.UBS' rating on the company's stock is neutral with a price target of $105.Price: $103.78, Change: $+0.57, Percent Change: +0.55%

$SBUX
Wire

Starbucks Fiscal Q3 North America Same-Store Sales Poised to be In-Line With Consensus, RBC Says

Starbucks (SBUX) fiscal Q3 North America same-store sales are poised to be in-line with consensus, with the business seeing momentum on comparisons benefiting from labor investments, store closures, sales transfer, and extended operating hours, RBC Capital Markets said in a note.RBC further said on Thursday that it is modeling fiscal Q3 margins to be in-line with consensus and that key investor debate would center around Starbucks' progress against its cost cuts worth $2 billion over three years.Additionally, fears of El Nino climate phenomenon impacting production have raised coffee prices in the recent weeks, which could have a material impact on the company's margins, RBC said, adding that it will look for color on how Starbucks is managing its exposure to the commodity.Starbucks is scheduled to report its fiscal Q3 results on July 29.RBC maintained its sector perform rating on the company's stock with a $110 price target.Price: $108.33, Change: $-0.05, Percent Change: -0.04%

$SBUX
Restaurants, Food Distributors Poised for Mixed Second Quarter, Morgan Stanley Says
US Markets

Restaurants, Food Distributors Poised for Mixed Second Quarter, Morgan Stanley Says

US restaurant and food distribution companies likely saw a mixed second quarter, with largely stable industry trends that are masking "signs of strain," Morgan Stanley said in a note e-mailed Wednesday.The stable outlook is supported by Black Box data showing steady same-store sales growth through the June quarter, according to the brokerage. However, there are certain "signs of strain," the firm said in a note to clients. The sectors are facing slowing retail sales and other headwinds. A possible summer cyclosporiasis outbreak could temporarily impact the lettuce supply and deter diners, Morgan Stanley said."We don't see a big change in underlying macro themes near term that could help change the fortunes of some of the more challenged brands," the brokerage wrote. "Larger (quick-service restaurant) we think remains a soft spot; beverage quite strong; fast-casual mixed, but maybe better at the margin; full-service also mixed, but good in absolute; and food (distribution) resilient overall."Morgan Stanley sees Performance Food Group (PFGC) as a preferred name among food distributors. All companies in the brokerage's coverage in this category are likely to have "solid (second) quarters, though bars are higher today," according to the note.The firm sees another "tougher" quarter for franchised fast food companies, with certain exceptions, it said. McDonald's (MCD) and Domino's Pizza (DPZ) are among the names that likely face tougher near-term setups. Beverage continues to be a "bright spot," with Morgan Stanley remaining overweight on Starbucks (SBUX) and Dutch Bros' (BROS) stocks, according to the note.The firm upgraded its rating on Cava Group's (CAVA) shares to overweight from equal weight while downgrading both Chefs' Warehouse (CHEF) and Black Rock Coffee Bar (BRCB) to equal weight from overweight.Cava is among the few companies that Morgan Stanley said it feels "good about most" regarding several key growth metrics, including traffic and unit expansion. "Valuation is defensible, because it remains one of the strongest fundamental stories in restaurants," the brokerage wrote.Although Chefs' Warehouse remains fundamentally strong with a high likelihood of beating its financial guidance, a nearly 60% year-to-date rally has pushed the stock to the high end of its typical valuation range, Morgan Stanley said."Looking at the numbers, there remains a disconnect between (Black Rock Coffee Bar's) growth profile and valuation, but we're aware that narrative, execution, and qualitative concerns can sometimes override that," the brokerage wrote. "For a newly public young company in a large competitive category, hitting guidance isn't enough."Price: $110.83, Change: $-2.16, Percent Change: -1.91%

$BRCB$BROS$CAVA$CHEF$DPZ$MCD$PFGC$SBUX
Wire

Restaurant Sector Remains Mixed as Stronger Operators Outperform, Morgan Stanley Says

Restaurant and food companies continue to see mixed performance, as stronger operators outperform while weaker brands face ongoing challenges, Morgan Stanley said in a note Wednesday.Recent market shifts, including artificial intelligence and uncertainty around Iran, have led investors to better differentiate between companies still delivering and those that are not, the investment bank said, adding it does not expect any major near-term macroeconomic changes that would improve conditions for challenged brands.Across the industry, large quick-service restaurants remain a weak segment, while beverage companies continue to perform strongly, and fast-casual restaurants are mixed but showing modest improvement, according to the note. Full-service restaurants are also mixed but remain solid overall, and food distributors continue to demonstrate resilience, the investment bank said."Recent slowing in industry data will be a focus, though perhaps short lived and comparisons help as we head into late Q3/Q4 for many and the overall industry," the bank added.Morgan Stanley raised its price target on Starbucks (SBUX) to $111 from $110, Restaurant Brands International (QSR) to $79 from $78, CAVA Group (CAVA) to $90 from $86, and Dutch Bros (BROS) to $88 from $87, while lowering its price target on Domino's Pizza (DPZ) to $370 from $395, and McDonald's (MCD) to $322 from $331.The bank downgraded Black Rock Coffee Bar (BRCB) to equal-weight from overweight and cut its price target to $9 from $22, while upgrading CAVA Group (CAVA) to overweight from equal-weight and raising the price target to $90 from $86. Morgan Stanley downgraded Chefs' Warehouse (CHEF) to equal-weight from overweight while raising its price target to $97 from $83.The bank also increased its price targets on Performance Food Group (PFGC) to $131 from $120, Sysco (SYY) to $88 from $84, and US Foods (USFD) to $103 from $94.Price: $106.99, Change: $+0.82, Percent Change: +0.78%

$BRCB$BROS$CAVA$CHEF$DPZ$MCD$PFGC$QSR$SBUX$SYY$USFD
Sectors

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.7%.In corporate news, Kroger (KR) reiterated its full-year outlook on Thursday as the supermarket chain's fiscal Q1 sales topped market estimates, although earnings fell short of expectations. Its shares fell past 8%.Diageo (DEO) Chief Executive Dave Lewis has ordered senior executives to implement broad cost-cutting measures as part of a major restructuring effort, the Financial Times reported. Diageo shares rose 2.6%.Starbucks' (SBUX) India joint venture plans to launch 50 to 100 new stores a year across the country, Bloomberg reported, citing a television interview with a company executive. Sushant Dash, chief executive of Tata Starbucks, a joint venture between Starbucks and India's Tata, said the company currently holds a 30% market share, the report said. Starbucks shares added 1.4%.

$DEO$KR$SBUX
Wire

Update: Market Chatter: Starbucks Weighs Japan Business Stake Sale

(Updates with Starbucks' response in the last paragraph)Starbucks (SBUX) is considering various options for its Japanese unit, including a potential stake sale valued at 400 billion yen to 500 billion yen ($2.49 billion to $3.12 billion), Bloomberg reported Wednesday, citing unnamed people familiar with the matter.The report noted that Starbucks has held preliminary conversations with investment banks to evaluate different approaches for its Japanese business.Starbucks declined to comment when reached out to by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $98.50, Change: $+1.09, Percent Change: +1.12%

$SBUX
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.6% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.5%.Sea's (SE) Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce, Bloomberg reported, citing unnamed people familiar with the matter. Shares of Sea were down more than 2% premarket.Chewy (CHWY) stock was down more than 3% even after the company reported higher fiscal Q1 adjusted earnings and net sales.Starbucks (SBUX) is considering various options for its Japanese unit, including a potential stake sale valued at 400 billion yen to 500 billion yen ($2.49 billion to $3.12 billion), Bloomberg reported, citing unnamed people familiar with the matter. Starbucks shares were 0.6% higher pre-bell.

$CHWY$SBUX$SE$XLP$XLY
Sectors

Sector Update: Consumer Stocks Fall in Afternoon Trading

Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.3%.In corporate news, AutoZone (AZO) reported mixed fiscal Q3 results with earnings topping estimates and revenue falling short. Its shares tumbled past 9%.Starbucks' (SBUX) Korean unit has suffered a "very significant" drop in sales following a controversial marketing campaign, Reuters and other media outlets reported. Starbucks shares fell 1.9%.Dollar Tree (DLTR) may face a modest earnings reset as recent grocery price increases appear to be getting rolled back, while weak shopper response and softer store-level trends may weigh on results, Oppenheimer said in a note Tuesday. Dollar Tree shares were down 2.8%.

$AZO$DLTR$SBUX
Sectors

Sector Update: Consumer Stocks Edge Higher Premarket Tuesday

Consumer stocks were edging higher premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) inactive and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.5%.AutoZone (AZO) shares were down more than 5% even after the company posted higher fiscal Q3 net income and net sales.Starbucks' (SBUX) Korean unit has suffered a "very significant" drop in sales following a controversial marketing campaign, Reuters and other media outlets reported. Starbucks shares were marginally advancing premarket.Miniso (MNSO) stock was 0.2% lower after the company reported a decline in Q1 adjusted earnings.

$AZO$MNSO$SBUX$XLP$XLY
Sectors

Sector Update: Consumer Stocks Mixed Premarket Monday

Consumer stocks were mixed premarket Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.2% lower.Macy's (M) shares were up more than 3% after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.Starbucks (SBUX) said it has raised the cap on the maximum amount it will repurchase after investors tendered about $2.6 billion of notes by the early deadline, exceeding its original repurchase capacity. Starbucks stock was 0.2% lower pre-bell.Lululemon Athletica (LULU) sent a letter to shareholders on Monday saying that activist and founder Chip Wilson has "outdated perspectives" and "troubling conflicts of interest," which will derail the company's turnaround plan, CNBC reported, citing materials it reviewed. Lululemon Athletica shares were 0.5% higher premarket.

$BRK.A$BRK.B$LULU$M$SBUX$XLP$XLY
Sectors

Sector Update: Consumer Stocks Softer Late Afternoon

Consumer stocks were lower late 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 1.7%.In corporate news, Canada Goose (GOOS) may struggle to generate meaningful upside in the coming quarters as weak revenue growth and macro uncertainty continue to cloud the outlook, UBS said in a note. Canada Goose shares were down 2.8%.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 up 0.7%.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.Walt Disney's (DIS) co-owned JioStar, an Indian entertainment joint venture with Reliance, is suing rival Zee Entertainment over allegations it broadcast Bollywood films that JioStar has rights to without authorization, Reuters reported. Disney shares were down 2.5%.

$DIS$GOOS$MICC$SBUX
Sectors

Sector Update: Consumer Stocks Decline Friday Afternoon

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%.

$DEO$MICC$SBUX
Sectors

Sector Update: Consumer

Consumer stocks were lower Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.8%.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. Shares were down 0.2%.

$SBUX

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