Consumer stocks rise overall, with Paramount dropping due to acquisition concerns, Amer Sports downgraded

From Nasdaq: 2024-04-08 16:00:59

Consumer stocks were on the rise, with XLP up 0.2% and XLY up 1% late Monday afternoon. Meanwhile, Paramount shareholder Matrix Asset Advisors expressed concerns over Skydance Media’s acquisition offer, causing Paramount shares to drop 7%.

Amer Sports saw a 5.3% decrease after a market perform downgrade by Bernstein, with a new price target of $16. On the other hand, Tesla shares surged by nearly 5% following CEO Elon Musk’s announcement of unveiling a “Robotaxi” on Aug. 8.

Spirit Airlines announced a deferral of airplane deliveries from Airbus to 2030-2031, delaying from the initial plan of Q2 2025-2026. Additionally, around 260 pilots are set to be furloughed starting Sept. 1. In response, Spirit shares jumped by 6.9%.



Read more at Nasdaq: Consumer Sector Update for 04/08/2024: PARA, AS, TSLA, SAVE