Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.1%.

In corporate news, Capri (CPRI) named Justin Boxford its next CEO and a board member to succeed John D. Idol, who retires as chairman and CEO, the company said Wednesday. Capri shares were down 2.1%.

Delta Air Lines (DAL) and its partner Virgin Atlantic Airways plan to challenge London Heathrow's decision to move Delta to another terminal, Bloomberg reported, citing Virgin Atlantic CEO Corneel Koster as saying at a conference in London. The airport refuses to negotiate commercially and hides behind regulation, and the carriers will fight the plan and will not accept it, the report quoted Koster as saying. Delta shares were down 0.4%.

MGM Resorts International (MGM) was Smart Insider's stock pick of the week after non-executive director Keith Meister bought $52 million in shares on Nov. 2. Meister bought the shares through Corvex Management LP at $29.64 apiece, increasing his stake by 33%, Smart Insider said in a Wednesday note, describing the transaction as "very encouraging." MGM shares were up 0.4%.

Tesla (TSLA) expects to begin battery cell production at its Gruenheide facility in Germany by mid-2027, Reuters reported, citing a senior company executive. Speaking at an industry conference in Berlin, Tesla senior director Andre Thierig said construction has been completed and that the company has already started manufacturing battery components at the site. Tesla shares rose past 3%.