Consumer stocks were flat to lower Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) little changed.
In company news, Levi Strauss & Co. (LEVI) was declining over 15% following its Q1 results. In anearnings call CFO Harmit Singh said fiscal Q2 revenue is expected to fall in the high single digits to low double digits.
A British American Tobacco (BTI) unit has formed a joint venture with AJNA BioSciences and Charlotte’s Web to seek US Food and Drug Administration approval for a botanical drug, to be developed from certain Charlotte’s Web hemp genetics, to target a neurological condition, the latter said Thursday. British American Tobacco shares were up 0.9%.
Constellation Brands’ (STZ) fiscal Q4 results fell from last year as shipments tumbled, while the beer and wine company expects its fiscal 2024 profitability to accelerate. The company’s shares were up over 1%.
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