Sector Update: Consumer Stocks Decline Late Afternoon
Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.7%.In corporate news, SiriusXM's (SIRI) discussions over a possible acquisition of iHeartMedia (IHRT) have hit an impasse after the two sides were unable to come to terms, The New York Times Dealbook reported. iHeartMedia shares dropped 13%, and SiriusXM fell 1.7%.Costco's (COST) fiscal Q3 revenue topped market estimates buoyed by its gas business amid high fuel prices, but the warehouse chain's earnings fell short of expectations. Its shares fell 4.2%.General Motors' (GM) partly owned battery plant in Ohio is delaying the return of hundreds of workers amid weak demand for electric cars, Reuters reported. GM shares were down 1%.International Flavors & Fragrances (IFF) shares shed 1.8% after it said Friday that it agreed to sell a majority stake in its food ingredients unit to private equity firm CVC Capital Partners in a deal worth roughly $4.3 billion, as part of IFF's efforts to focus on higher-margin businesses.
