03:51 PM EDT, 07/10/2024 (MT Newswires) -- Consumer stocks were higher late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) rising 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.7%.

In corporate news, Ziff Davis ( ZD ) shares sank 11% after it disclosed plans to exchange about $401 million of its 1.75% convertible notes due 2026 for a combination of cash and new convertible notes maturing in 2028.

Warner Music ( WMG ) shares dropped 2.9% after Redburn downgraded the company to sell from neutral.

Warner Bros. Discovery's ( WBD ) CNN unit said it will cut about 100 jobs as part of a plan to consolidate its news operations and boost its digital business, Reuters reported Wednesday. Warner Bros. shares were falling 1%.

Paramount (PARA) may still get an offer from Barry Diller even as the company entered an agreement to merge with Skydance Media, Bloomberg reported Wednesday. Paramount shares gained 1%.