Sector Update: Consumer Stocks Softer Late Afternoon

MT Newswires Live07-21

Consumer stocks declined late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.9%.

In corporate news, a federal judge in California on Monday granted a motion brought by 12 states for a temporary restraining order that prohibits Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) from consummating their merger. The order remains in effect for 14 days. Paramount shares were down 1.1%, and Warner fell 3.6%.

Netflix (NFLX) is returning to the US high-grade bond market for the first time since its debut two years ago, Bloomberg reported. Netflix shares shed 2.1%.

Monster Beverage (MNST) shares fell 1.9% in Monday trading after Deutsche Bank downgraded the stock to hold from buy, while lifting its price target to $98 from $94.

Procter & Gamble (PG) investors are bracing for the company's fiscal Q4 organic sales to fall short of Wall Street expectations, given uncertainty as to whether shipment growth in the quarter will mirror strong US consumption, UBS said in a note. Procter & Gamble shares were down 0.9%.

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