Consumer stocks dropped late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.9%.
In corporate news, Denny's (DENN) shares gained 6.5% after Wedbush upgraded the company's stock to outperform from neutral and raised its price target to $10 from $6.
Newell Brands' (NWL) Q4 earnings came in ahead of Wall Street estimates, but revenue missed estimates, while the company issued a surprise loss outlook for the ongoing three-month period. The shares fell 26%.
Bill Ackman said Pershing Square started acquiring a position in Uber (UBER) in early January and owns 30.3 million shares, Bloomberg reported. Uber shares jumped past 6%.
E.l.f. Beauty (ELF) shares sank 19% following its fiscal Q3 results and guidance in the previous day. Morgan Stanley and DA Davidson downgraded the stock after the results while others, including Deutsche Bank and B. Riley, cut their price targets.
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