Consumer stocks were mixed late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 1.2%.

The University of Michigan consumer sentiment index was revised lower to 58.2 for August from its preliminary estimate of 58.6, versus expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Kraft Heinz (KHC) is moving closer to its plan to break the company into two separate units, The Wall Street Journal reported. Kraft Heinz shares rose 2.8%.

PepsiCo (PEP) is increasing its stake in Celsius (CELH) in a $585 million deal to strengthen the two companies' existing partnership and boost distribution of the energy-drink maker's products, the companies said Friday. PepsiCo shares rose 1.3%, and Celsius jumped 5.1%.

Post (POST) shares rose 1.6% after the company said it has agreed to sell the pasta business of its 8th Avenue Food & Provisions unit to Richardson US. Richardson will pay $375 million in cash and assume about $80 million in leaseback financial liabilities, Post said. Post also said it has approved a $500 million share repurchase program.

Spirit Aviation (FLYY) Chairman Robert Milton met with Frontier Airlines Chairman Bill Franke in Florida earlier this week to discuss Spirit's rebuilding efforts after emerging from bankruptcy and the broader US airline industry, Bloomberg reported. Spirit Aviation shares were down 2.8%.