09:14 AM EDT, 03/27/2024 (MT Newswires) -- Consumer stocks were advancing premarket Wednesday as the Consumer Staples Select Sector SPDR Fund (XLP) was up 0.3% and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) was 0.6% higher recently.

GameStop ( GME ) was declining by over 14% after it reported fiscal Q4 net sales of $1.79 billion, down from $2.23 billion a year earlier. Analysts polled by Capital IQ expected $2.05 billion.

The ONE Group Hospitality ( STKS ) was up more than 4% after saying it will acquire Safflower Holdings in a deal valued at $365 million.

Ispire Technology ( ISPR ) closed its offering of about 2.1 million common shares priced at $6 apiece for gross proceeds of $12.3 million. Ispire Technology ( ISPR ) was down 0.3% pre-bell.