03:44 PM EDT, 06/26/2024 (MT Newswires) -- Consumer stocks were mixed late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1.4%.

In corporate news, Conn's (CONN) has hired financial and operational advisers to rework its debt load and integrate a rival chain it bought last year, Bloomberg reported. Conn's shares tumbled past 14%.

Southwest Airlines ( LUV ) now expects Q2 operating revenue per available seat mile to be down 4% to 4.5% compared to prior guidance of down 1.5% to 3.5%, it said in a regulatory filing. Separately, Elliott Investment Management on Wednesday repeated calls for a leadership change at the airline. Southwest ( LUV ) shares fell 0.4%.

FedEx ( FDX ) provided upbeat earnings guidance for fiscal 2025 as ongoing cost reduction efforts helped it top market expectations in fiscal Q4. Its shares surged nearly 15%.

Rivian's (RIVN) announcement late Tuesday that it will get an investment from Volkswagen is "meaningfully positive" and will help it to achieve the scale necessary to get to positive free cash flow, BofA said in a Wednesday note, reiterating buy rating. Rivian shares soared 22%.