03:45 PM EDT, 08/12/2024 (MT Newswires) -- Consumer stocks were lower late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each shedding 0.5%.

In corporate news, JetBlue Airways ( JBLU ) shares tumbled almost 20%. The company said Monday it plans to offer $400 million in convertible senior notes due 2029. Separately, the company and its JetBlue Loyalty subsidiary plan to launch a private offering of $1.5 billion in notes due 2031 and a $1.25 billion term loan B due 2029.

Walt Disney ( DIS ) on Sunday announced a multiyear expansion plan for theme parks and cruise lines to reinvigorate its experiences segment amid moderating demand. The shares were down 0.5%.

Starbucks ( SBUX ) and Elliott Investment Management are nearing a settlement that would include a board seat for the activist investor, Bloomberg reported. Separately, Starboard Value acquired a stake in Starbucks ( SBUX ) and is pushing the company to take measures to increase its stock price, The Wall Street Journal reported Friday. Starbucks ( SBUX ) shares gained 2.1%.

Churchill Downs (CHDN) has a "unique double-digit organic growth profile" that sets it apart from its gaming peers and other consumer stocks, BofA Securities said. BofA upgraded the stock to buy from neutral and raised its price target to $155 from $145. Churchill Downs shares rose 1.7%.