Sector Update: Consumer Stocks Mixed Late Afternoon

MT Newswires Live
2024-11-01

Consumer stocks were mixed late Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) up less than 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.4%.

In corporate news, Estee Lauder (EL) shares tumbled past 21%. The company withdrew fiscal 2025 guidance and slashed the dividend after Q1 sales fell more than expected amid headwinds in China and Asia travel retail.

Comcast (CMCSA) said Thursday it's considering a potential spin-off of its cable brands to better navigate cord-cutting trends, while the company reported higher-than-expected results for Q3. Its shares popped 3.2%.

PLBY (PLBY) shares surged 47% after the company reported a strategic partnership with Byborg Enterprises, a privately held online entertainment company.

Uber's (UBER) Q3 gross bookings trailed Wall Street estimates, while earnings and revenue rose more than forecast. Its shares sank past 9%.

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