03:44 PM EDT, 03/22/2024 (MT Newswires) -- Consumer stocks were retreating late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.8%.

In corporate news, Aurora Cannabis ( ACB ) shares surged 27% and Canopy Growth ( CGC ) soared 67% after Germany approved a partial legalization of cannabis for personal use, effective April 1.

Lululemon Athletica ( LULU ) shares tumbled 16% as several analysts cut their price targets on the stock after the company's sales and earnings guidance for fiscal Q1 and the full year trailed market expectations.

FedEx's ( FDX ) fiscal Q3 earnings surpassed expectations as operating income from Express benefited from lower-than-expected incentive compensation accrual and effective capacity utilization by ground and freight networks, UBS said. FedEx ( FDX ) shares rose past 7%.

Chewy's (CHWY) warning that sales will be muted this year, which informed its fiscal 2024 sales growth guidance that missed already tempered expectations, underscores a "murky" pet industry outlook, though the downside seems fairly limited, RBC Capital Markets said Friday. The brokerage lowered its price target on the stock to $22 from $35 but reiterated an outperform rating. Chewy shares added 4.4%.