03:43 PM EDT, 05/30/2024 (MT Newswires) -- Consumer stocks rose late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.5%.

In corporate news, Paramount (PARA) got a sweetened merger offer from Skydance Media that Paramount directors are expected to assess shortly, The Wall Street Journal reported. Paramount shares rose 1.5%.

Best Buy's ( BBY ) fiscal Q1 earnings grew more than the market forecast, and its guidance for fiscal 2025 was in line with analysts' expectations. Its shares climbed almost 14%.

Kohl's (KSS) shares plunged 23% after the retailer swung to a fiscal Q1 loss on a drop in sales and lowered its full-year outlook.

Hormel Foods ( HRL ) lifted the low end of its full-year earnings outlook on Thursday, even though the food maker's fiscal Q2 sales decreased from a year earlier and missed market expectations. Its shares tumbled 9.3%.