03:57 PM EST, 12/08/2025 (MT Newswires) -- Consumer stocks fell late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) declining 1.6%.

In corporate news, PepsiCo ( PEP ) plans to review its North American supply chain as a result of negotiations with activist investor Elliott Investment Management, Bloomberg reported. PepsiCo ( PEP ) shares rose 0.5%.

Paramount Skydance ( PSKY ) launched a hostile bid for Warner Bros. Discovery ( WBD ) at $30 a share, pitching it as a "superior" and a more certain alternative to Netflix's ( NFLX ) offer. Separately, President Donald Trump on Sunday raised potential antitrust concerns around the Netflix ( NFLX ) deal. Netflix ( NFLX ) shares dropped 3.6%, Paramount jumped 8.3%, and Warner Bros. rose 4.6%.

Tesla (TSLA) is expected to see a "choppy" trading environment over the next year, while the catalysts for its non-auto businesses seem priced in at current levels, Morgan Stanley said, downgrading the stock to equal weight from overweight and raising its price target to $425 from $410. Tesla shares fell 3.6%.

Magnum Ice Cream ( MICC ) , a Unilever ( UL ) spinoff, began trading Monday on the New York Stock Exchange. Magnum shares rose 2.2%, while Unilever ( UL ) fell 7%.