03:50 PM EDT, 07/26/2024 (MT Newswires) -- Consumer stocks were gaining late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.9% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.2%.

In corporate news, Warner Bros. Discovery ( WBD ) has filed a lawsuit against the National Basketball Association in a New York state court after the league awarded the TV rights to its rivals, according to media reports Friday. Warner shares rose 3.7%.

BurgerFi International ( BFI ) shares surged nearly 121% after it said late Thursday that the company and Lion Point Capital have entered into a settlement agreement to resolve all claims.

Mohawk Industries ( MHK ) shares soared past 20% after BofA Securities upgraded the company to buy from underperform, while raising its price target to $177 from $120. Mohawk reported Thursday a surprise increase in Q2 earnings, and its Q3 guidance topped analysts' estimates.

Skechers USA ( SKX ) is an "underappreciated growth stock," and its Q2 report strengthens that assessment, UBS Securities said in a note Friday. UBS raised its 12-month price target for Skechers to $92 from $88, with a buy rating. Skechers shares added 1.4%.