In a day marked by mixed performance within the consumer stocks sector on Friday, both the S&P Consumer Staples Select Sector SPDR Fund (NYSEARCA:XLP) and the Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY) showed contrasting movements, with the former retreating by 0.9% and the latter advancing by 0.5%.
ELF Beauty Inc. (NYSE:ELF) experienced a remarkable surge in its shares, registering a 4.4% increase. This notable uptick followed an upgrade from financial services firm Jefferies and a revision of the price target to $115 from $100. These positive developments reflect a significant boost for the cosmetics company.
On the same day, MGM Resorts International (NYSE:MGM) disclosed a cybersecurity breach that compromised client data. The breach is anticipated to incur a substantial financial setback of $100 million for the company. Despite this security lapse, MGM’s shares managed to climb by 6%, driven by optimism surrounding the forthcoming Q4 Formula 1 events.
Conversely, Levi Strauss & Co. (NYSE:LEVI) witnessed a 2.5% decline in its stock value in response to reported fiscal Q3 earnings and revenue declines. The denim retailer’s disappointing financial results appear to have eroded investor confidence, resulting in a dip in its share price.
