Consumer stocks retreated this afternoon, with shares of consumer staples companies in the S&P 500 dropping about 0.6% while shares of consumer discretionary firms in the S&P 500 were off by nearly 0.8% in recent trade.
In company news, shares of Kate Spade soared Wednesday following reports the women’s accessory and apparel company was putting itself up for sale.
After seeing the price of its stock drop about 29% in value over the past six months, the company is working with an unnamed investment bank to explore its strategic options, according to The Wall Street Journal, citing people familiar with the matter. Potential buyers include other retailers, the newspaper said, adding the process was in its early stages.
KATE shares were up over 23% at $17.87 apiece, consolidating somewhat following a jump to $18.30 a share after a brief trading halt earlier today.