Sector Update: Consumer Stocks Fall in Afternoon Trading

MT Newswires Live10-08

Consumer stocks were retreating Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.3%.

In corporate news, Duckhorn Portfolio (NAPA) shares surged 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 0.8%.

Unilever (UL) is spending over 150 million euros ($165 million) to overhaul the supply chain for its European homecare business, Reuters reported. Unilever shares were down 0.7%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment