Consumer stocks advanced late Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) climbing 1.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 1%.

In corporate news, PGT Innovations’ (PGTI) board turned down an all-cash bid of $38 per share from Miter Brands, Reuters reported. PGT Innovations shares jumped neary 5%.

Farfetch (FTCH) shares jumped 17%. The company is in talks to secure emergency funding from Apollo Global Management (APO) in a move to bolster its finances, Sky News reported.

Etsy (ETSY) said Wednesday in a regulatory filing it will be reducing its workforce by 11%, or 225 employees, as part of a restructuring plan. Its shares fell 2.5%.

Tesla (TSLA) rose 0.5%, a day after the company said its Model 3 Rear-Wheel Drive and Long Range vehicles will no longer qualify for a $7,500 federal tax credit starting Dec. 31, under new battery production rules from the US Inflation Reduction Act. Meanwhile, Tesla is recalling more than 2 million vehicles for a software update amid concerns that autopilot controls aren’t enough to prevent driver misuse, the National Highway Traffic Safety Administration said.

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Original: TSLA Feed: Consumer Sector Update for 12/13/2023: PGTI, FTCH, ETSY, TSLA