Sector Update: Consumer Stocks Rise Late Afternoon

MT Newswires Live03:54

Consumer stocks were higher late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.2%.

In corporate news, Brown-Forman (BF.A, BF.B) and Pernod Ricard's $15 billion deal talks fell apart over control of the combined company, Semafor reported Friday. While Brown-Forman is the slightly smaller of the two companies, the Brown family wanted to take a stake in the combined company that would have been larger than the Ricard family's, the report said. Brown-Forman Class A shares were up 0.7%, and its Class B shares rose 1.4%.

Monster Beverage (MNST) shares jumped past 13% after the company reported Q1 results above market estimates amid strong growth in the energy drinks category.

Airbnb's (ABNB) Q1 earnings lagged Wall Street's estimates, while the vacation rental firm reported higher-than-expected revenue amid demand momentum. Its shares were up 1.1%.

Wendy's (WEN) reiterated its full-year outlook on Friday as the fast food chain's fiscal Q1 revenue unexpectedly increased year over year. Its shares climbed 5.3%.

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