04:00 PM EDT, 04/08/2024 (MT Newswires) -- Consumer stocks were advancing late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 1%.

In corporate news, Paramount (PARA) shareholder Matrix Asset Advisors raised concerns over Skydance Media's offer to acquire the entertainment company and urged its board to consider Apollo Global Management's (APO) offer. Paramount shares tumbled 7%.

Amer Sports ( AS ) dropped 5.3% as Bernstein downgraded the company to market perform from outperform and cut its price target to $16 from $18.50.

Tesla (TSLA) shares jumped nearly 5% after Chief Executive Elon Musk said on X that the company will unveil a "Robotaxi" on Aug. 8.

Spirit Airlines ( SAVE ) said Monday it reached an agreement with Airbus to defer delivery of all the airplanes it has ordered to between 2030 to 2031 from the originally planned timeframe of Q2 2025 through 2026. Spirit also said it plans to furlough about 260 pilots, effective Sept. 1. Spirit shares surged 6.9%.