Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2.3%.

In corporate news, TripAdvisor (TRIP) shares climbed 3.5% after BofA Securities upgraded the company to buy from neutral "as governance catalysts improve the probability of asset value realization." The company had recently signed a cooperation agreement with Starboard Value, leading to a "Board refresh" with four new directors and a more constructive activist engagement, analyst Nafeesa Gupta wrote in a note.

Unilever's (UL) food business potentially combining with McCormick (MKC) would offer Unilever shareholders a majority stake in the new entity and tax benefits, Reuters reported Friday. The proposed deal would involve Unilever spinning off its food business before selling it to McCormick, the report said. Unilever shares were fractionally higher, and McCormick rose 3.3%.

Rivian Automotive (RIVN) secured another $1 billion investment from Volkswagen after completing winter testing for the VW ID EVERY1, the first vehicle in their joint venture to use Rivian's software and electrical architecture, TechCrunch reported. Rivian shares were down 2.4%.

Ferrari (RACE) has resumed vehicle shipments to the Middle East following a weeklong pause caused by logistics disruptions amid the military conflict in the region, Reuters reported, citing a company statement. Ferrari shares were shedding 1.1%.