Boeing, Carnival, Goldman & extra
Employees work in the hold of a Boeing 737 MAX 9 test aircraft outside the company’s facility on March 14, 2019 in Renton, Washington.
Stephen Brashear | Getty Images News | Getty Images
Check out the companies that are making the headlines in midday trading.
Delta, United, American Airlines, Boeing – Airlines’ stocks fell at the same time as concerns about a recovery in Covid-19 cases mounted. Delta and American Airlines’ shares each lost around 4%. United was down over 5%. The share of the aircraft manufacturer Boeing also fell by around 5%. Covid cases have increased in the US this month, with the Delta variant spreading among the unvaccinated.
Carnival, Norwegian Cruise Line – Cruise company stocks were among the biggest laggards in Monday’s widespread sell-off. Carnival and Norwegian Cruise Line each fell more than 5%, while Royal Caribbean declined over 4%. The decline came because the US saw an average of nearly 30,000 new cases per day for the past seven days through Friday, up from a seven-day average of around 11,000 cases per day a month ago, according to CDC data.
Diamondback Energy, Devon Energy, Marathon Oil – Oil company stocks fell amid falling US oil prices as OPEC and its allies agreed to increase production. West Texas Intermediate crude oil futures fell below the all-important $ 70 mark for the first time in more than a month on Monday. Diamondback Energy lost 7%. Marathon Oil fell 6%. Devon Energy dropped almost 5%. Chevron lost more than 3% while Exxon Mobil lost over 4%.
JPMorgan, Morgan Stanley, Goldman Sachs – Bank stocks took a hit on Monday as bond yields plummeted, diminishing their prospects for profitability. JPMorgan, Morgan Stanley, Goldman Sachs and Wells Fargo all lost over 3%. Bank of America lost over 2% and Citi lost over 3%.
Peloton, Chewy, DoorDash – Stocks of companies that benefited from consumers staying at home during the pandemic rose Monday as concerns about the spreading Delta-Covid variant rose. Sporting goods maker Peloton and online pet supplies retailer Chewy each added about 6%. The DoorDash grocery delivery service grew by more than 4%.
Kroger, Albertsons – Investors also flocked to grocery store stocks, which were the main beneficiaries of the pandemic. Albertsons rose over 1% and Kroger gained more than 3% amid concerns over rising Covid cases. “If this happens and Covid gets its head up again and things shut down, it would benefit you,” said Brian Yarbrough, an Edward Jones retail analyst.
Tractor Supply – Tractor Supply stock fell about 4.5% despite a better-than-expected earnings report for the second quarter. The agricultural machinery and services company posted quarterly earnings of $ 3.19 per share on revenue of $ 3.6 billion, beating analysts’ earnings estimate of $ 2.96 per share on revenue of $ 3.96. $ 46 billion.
Zoom Video – The video conferencing company’s shares fell over 4% on Monday after it was announced it was buying Five9, a cloud contact center software provider, in a $ 14.7 billion stock transaction. The deal marks Zoom’s first multi-billion dollar acquisition.
Moderna – Moderna shares rose more than 7%, continuing the stock’s surge after it was announced last week that the pharmaceutical company will be included in the S&P 500 on Wednesday, July 21. Moderna will replace Alexion Pharmaceuticals, which will be acquired by AstraZeneca.
– CNBC’s Yun Li, Maggie Fitzgerald and Tanaya Macheel contributed to the coverage
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