Sector Update: Consumer Stocks Decline Late Afternoon

MT Newswires Live10-08

Consumer stocks fell late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.7%.

In corporate news, Coca-Cola (KO), PepsiCo (PEP) and General Mills (GIS) are facing scrutiny from two US Democratic lawmakers due to the companies' alleged "pattern of profiteering off consumers" through so-called shrinkflation and by paying less in taxes. Coca-Cola shares fell 1.8%, PepsiCo declined 0.6% and General Mills dropped 1.1%.

Torrid (CURV) shares tumbled past 11% after the company said it terminated the employment of Chief Creative Officer Elizabeth Munoz-Guzman on Oct. 4.

Duckhorn Portfolio (NAPA) shares surged nearly 103% after it agreed to be acquired by funds managed by private equity firm Butterfly Equity in a deal that values the wine company at about $1.95 billion.

The US Supreme Court rejected a petition by Living Essentials to review a ruling by the US Court of Appeals for the Ninth Circuit that revived antitrust claims against the drink maker for favoring Costco (COST) on wholesale pricing, Bloomberg reported. Costco shares were shedding 1.1%.

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