Sector Update: Consumer Stocks Decline Thursday Afternoon

MT Newswires Live01:50

Consumer stocks fell Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) easing 0.2%.

In corporate news, MGM Resorts International (MGM) shares fell 11% after digital and print media company People (PPLI) withdrew its buyout proposal for the casino operator. People shares were fractionally higher.

Darden Restaurants' (DRI) fiscal Q1 revenue narrowly missed market expectations on Thursday as comparable sales were weaker than expected, while the company affirmed its full-year outlook. Its shares were down 2%.

Paramount Skydance (PSKY) said it launched syndication for a proposed $7.5 billion senior secured incremental tranche of term B loans, subject to market conditions. Net proceeds from these borrowings would help fund its proposed acquisition of Warner Bros. Discovery (WBD) and repay debt. Paramount shares shares added 1.8%.

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