Sector Update: Consumer Stocks Mixed Monday Afternoon

MT Newswires Live07-02

Consumer stocks were mixed Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.4%.

In corporate news, Chewy (CHWY) shares reversed early morning gains after a regulatory filing showed that meme stock influencer Keith Gill, known as "Roaring Kitty" on social media, has a 6.6% stake in the online pet store. Chewy shares fell 5% in recent trading.

Chicken Soup for the Soul Entertainment (CSSE) filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware on Friday, according to a notice on the court's website. Its shares plunged more than 44%.

Birkenstock (BIRK) is executing its direct-to-consumer expansion strategy better than expected, UBS Securities said Monday in a report. UBS upgraded the footwear maker to buy from neutral and raised its price target to $85 from $52. Birkenstock shares rose 2%.

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