01:42 PM EDT, 04/26/2024 (MT Newswires) -- Consumer stocks were rising Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) fractionally higher and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 1.3%.

In corporate news, AutoNation ( AN ) shares surged almost 8% after it reported mixed fiscal Q1 results with new vehicle revenue rising year over year despite lower prices, while used car sales dropped.

Exponent (EXPO) shares soared 22% after the company reported fiscal Q1 earnings late Thursday of $0.59 per diluted share, up from $0.56 a year earlier. Three analysts polled by Capital IQ expected $0.47.

Skechers USA ( SKX ) is poised to deliver $10 billion in sales by 2026, as suggested by the company's "strong" Q1 results, UBS Securities said in a note on Friday. The investment firm lifted Skechers' price target to $88 from $81 and maintained its buy rating. Skechers shares jumped 13%.