03:54 PM EDT, 08/26/2024 (MT Newswires) -- Consumer stocks were mixed late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.8%.

In corporate news, Gannett ( GCI ) shares jumped 16% after the company said Monday that it secured a commitment from funds managed by Apollo (APO) affiliates for a refinancing package to extend debt maturities and reduce dilution from its 6% convertible notes due 2027.

Paramount Global ( PARAA ) is moving forward with plans to sell up to 12 local TV stations, including assets in New York, Philadelphia and Dallas, Bloomberg reported. Paramount shares were shedding 0.5%.

PDD Holdings ( PDD ) shares plunged 29%. The company reported Q2 revenue that rose less than expected by analysts and warned of a competitive and challenging outlook.

Elliott Investment Management said Monday that it intends to meet with Southwest Airlines ( LUV ) representatives on Sept. 9 to discuss leadership changes. Southwest ( LUV ) shares eased 0.1%.