Consumer stocks were lower late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 4%.
In corporate news, Shake Shack's (SHAK) Q3 earnings and same-store sales growth topped Wall Street's expectations, but revenue fell short amid a "challenging" consumer environment, the company said Thursday. Its shares fell 4.3%.
General Mills (GIS) is considering separating its Haagen-Dazs ice-cream business outside North America, The Wall Street Journal reported. General Mills shares were up 1.2%.
Costco Wholesale (COST) shares were up 1.7% after the company reported late Wednesday net sales of $24.50 billion for October, up from $21.75 billion a year earlier. Comparable sales for the four weeks ending Nov. 1 increased 11.1% companywide, the company said.
Albertsons (ACI) must pay Washington state $900 million for helping fuel the opioid epidemic by failing to prevent misuse of addictive painkillers through its pharmacies, Reuters reported Thursday, citing a ruling by King County Superior Court Judge Janet Helson. Albertsons shares were down 3.7%.
Wendy's (WEN) said Thursday that it rejected an acquisition proposal from an investor group as the fast-food restaurant chain launched a multiyear strategy to grow customer traffic. Wendy's shares rose 4.8%.
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