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%.
