Sector Update: Consumer Stocks Decline in Late Afternoon Trading

MT Newswires Live12-04 04:37

Consumer stocks were decreasing late Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) easing 0.2%.

In economic news, Redbook US same-store sales jumped 7.4% from a year earlier in the week ended Nov. 30 after a 4.9% year-over-year increase in the previous week. Redbook noted brisk sales on Black Friday and the weekend.

In sector news, online spending on Cyber Monday advanced more than projected to a record $13.3 billion, according to Adobe Analytics' holiday shopping data.

In corporate news, the E. coli outbreak caused by onions served at McDonald's (MCD) that sickened more than 100 people in 14 states and sent 34 to the hospital earlier this year is officially over, the US Centers for Disease Control and Prevention said on Tuesday. McDonald's shares rose 0.5%.

Incoming Paramount (PARA) Chief Executive David Ellison is considering consolidating the company's TV networks and overhauling top management, Bloomberg reported. Paramount shares shed 0.4%.

Honda's (HMC) American Honda unit said Tuesday that its sales rose about 15% year over year to 121,419 units in November. Honda shares added 1%.

Tesla (TSLA) Chief Executive Elon Musk is not entitled to receive a $56 billion pay package even after the company's shareholders voted to reinstate it, a Delaware judge ruled Monday. Tesla shares were falling over 2%.

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