03:52 PM EDT, 05/03/2024 (MT Newswires) -- Consumer stocks were higher late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.8%.

In corporate news, El Pollo Loco ( LOCO ) shares jumped 14.5% in recent trading, a day after the company posted Q1 adjusted net income and revenue ahead of consensus.

Southwest Airlines ( LUV ) pilots are facing reduced hours and lower monthly pay amid higher costs and overstaffing stemming from Boeing (BA) aircraft delivery delays, Reuters reported Friday. The airline's shares were shedding 0.9%.

Skydance is prepared to withdraw its offer for Paramount (PARA) unless it receives a commitment from controlling shareholder Shari Redstone, following a recent offer for Paramount from Apollo Global Management ( APO ) and Sony Pictures (SONY), CNBC reported Friday. Paramount shares dropped 6.7%.

Expedia's ( EXPE ) shares sank more than 15% after a flurry of price target cuts by Wall Street analysts following its Q1 results.