03:41 PM EDT, 07/08/2024 (MT Newswires) -- Consumer stocks were down late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.1%.

In corporate news, Columbia Sportswear ( COLM ) shares gained 4.1% after Stifel upgraded the stock to buy from hold and raised its price target to $92 from $84.

Silgan ( SLGN ) shares spiked 2.8% after Citigroup upgraded the stock to buy from neutral with a price target of $50.

Paramount Global ( PARAA ) will merge with Skydance Media to establish a new entity via a two-step deal, which includes the acquisition of Paramount's controlling shareholder, National Amusements. Paramount shares dropped 5.1%.

Niu Technologies ( NIU ) shares jumped past 17% after the company announced a retail expansion project at more than 800 Best Buy ( BBY ) stores in the US. Best Buy ( BBY ) added 4.2%.