12:32 PM EDT, 07/03/2024 (MT Newswires) -- Consumer stocks were mixed in Wednesday afternoon trading, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.7%.

In corporate news, National Amusements reached a preliminary deal to sell its controlling interest in Paramount (PARA) to Skydance Media, media outlets reported. Under the proposed terms of the agreement, Skydance Media will pay $1.75 billion for National Amusements, which owns 77% of Paramount's voting shares, The Wall Street Journal reported. Paramount shares jumped 8.2%.

Constellation Brands' ( STZ ) earnings and revenue rose year over year during fiscal Q1, as the beer and wine company maintained its full-year revenue outlook. Its shares were falling 3.9%.

Nike ( NKE ) is facing a "perfect storm" as fashion trends transition away from its core strengths and competition rises, according to RBC Capital Markets. The brokerage lowered its price target on Nike ( NKE ) to $75 from $100 with a sector perform rating. Nike ( NKE ) shares declined 1.2%.