Sector Update: Consumer Stocks Lean Lower Premarket Tuesday

MT Newswires Live12-03

Consumer stocks were leaning lower premarket Tuesday as the Consumer Staples Select Sector SPDR Fund (XLP) and Consumer Discretionary Select Sector SPDR Fund (XLY) were down 0.1% and 0.3%, respectively.

Constellation Brands (STZ) shares were down 0.3% after the company said it has signed a deal with distilled spirits company Sazerac to divest Constellation's Svedka brand.

Tyson Foods (TSN) plans to close a meat plant in Kansas next year and slash 809 jobs in the process with the aim of cutting costs and operating "more efficiently", Bloomberg News reported, citing a letter by the company to the Kansas Department of Commerce. Tyson Foods shares were down 0.3% premarket.

JM Smucker (SJM) shares were up 1.4% after the company said it has completed the sale of its Voortman condiments and snack business to Second Nature Brands for $305 million in cash, subject to a working capital adjustment, and lowered its net sales guidance for fiscal year 2025.

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