01:44 PM EST, 11/13/2024 (MT Newswires) -- Consumer stocks were higher Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1%.

In corporate news, Rivian Automotive ( RIVN ) shares surged 18% after it struck a deal to form a joint venture with Volkswagen, with a deal size of up to $5.8 billion.

Spirit Airlines ( SAVE ) may seek bankruptcy protection after merger discussions with Frontier (ULCC) fell apart, media outlets reported late Tuesday. Spirit shares plunged 56%. Frontier shares were down 0.8%.

Charter Communications ( CHTR ) said Wednesday that it has agreed to buy Liberty Broadband ( LBRDA ) in an all-stock deal. Charter shares jumped 5.6% and Liberty was down 2.9%.