Sector Update: Consumer Stocks Mixed Late Afternoon

MT Newswires Live12-03

Consumer stocks were mixed late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1%.

In sector news, online spending on Black Friday advanced in line with expectations, reaching $10.8 billion, according to Adobe Analytics data.

In corporate news, Gap (GAP) shares jumped nearly 7% after J.P. Morgan upgraded the company's stock to overweight with a $30 price target.

Miniso (MNSO) shares surged more than 13%. The company received a rating upgrade to buy from DBS Bank, with a price target of $26.20. Nomura raised Miniso's price target to $26.30 from $25.60, while keeping a buy rating.

Stellantis (STLA) shares tumbled 6.4%. The company said Sunday that its board accepted the resignation of Chief Executive Officer Carlos Tavares, effective immediately. The board started the search process for a permanent CEO, which it expects to be completed in H1.

AMC Entertainment (AMC) and Cinemark (CNK) said box office collections across the five-day Thanksgiving holiday period rose to records, driven by the release of Walt Disney's (DIS) "Moana 2." AMC shares gained 1.7%, and Cinemark popped 4.6%.

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