03:44 PM EDT, 05/31/2024 (MT Newswires) -- Consumer stocks were mixed in late Friday afternoon trading, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.3%.

In corporate news, Boston Beer ( SAM ) shares surged 21% after The Wall Street Journal reported the company is in talks to be acquired by Japan's Suntory.

Tesla (TSLA) Chief Executive Elon Musk allegedly sold $7.53 billion of Tesla stock between November and December 2022 while in possession of, and motivated by, material non-public information, according to a lawsuit filed Thursday by investor Michael Perry in Delaware Chancery Court. Tesla shares were falling 1.5%.

Carl Icahn has amassed a large position in Caesars Entertainment ( CZR ) , Bloomberg reported Friday. Caesars shares surged past 11%.

Gap (GPS) shares soared 27% in recent trading, a day after the company reported Q1 fiscal earnings and revenue that topped estimates by analysts.