A customer pays for her groceries after shopping at a Walmart store ahead of the Thanksgiving holiday in Chicago.
Kamil Krzaczynski | Reuters
Check out the companies making headlines in midday trading.
Diamondback Energy — Shares of the company plunged 44.7% as oil prices plummeted as much as 30%. Apache Corp. fell 53.9% and Marathon Oil lost 46.8%. Exxon and Chevron, the country’s two largest oil companies, shed 12.2% and 15.4%, respectively.
Walmart — Shares of Walmart rose nearly 2% amid the broader market selloff. Lower gas prices means more hands in the money of consumers, which could boost foot traffic and sales at a major consumer company like Walmart. Plus, the big-box retailer might get relief on what it pays suppliers to get goods to and from its stores. Walmart closed the day flat.
JPMorgan, Goldman Sachs, Citigroup, Bank of America — Bank stocks tanked amid a collapse in bond yields, which pressure bank’s net interest margins. Shares of Citigroup fell 16.2%, JPMorgan lost 13.4%, Goldman Sachs fell 10.4% and Bank of American dropped 14.4%.
Twitter — Shares of Twitter rose 3.8% amid the massive stock rout, after the social media company struck a deal with investment firms Silver Lake and Elliott Management that does not mention changes to Jack Dorsey’s role as CEO. The deal gives both Silver Lake and Elliott a seat on Twitter’s board and includes funding for a $2 billion share repurchase program. Twitter closed the day down 5.8%.
Dollar Tree, Dollar General — Shares of Dollar Tree and Dollar General were up 4.1% and 0.6%, bucking the downward trend in the broad market as investors piled into defensive stocks like discount stores. Consumer staples are typically not tied to economic turbulence and will survive a recession as people would still purchase daily goods during a downturn.
American Airlines, JetBlue, Delta, Southwest — Airline stocks continued their slide on Monday morning as the coronavirus epidemic hits global travel demand. United Airlines fell 10.2%, with American Airlines close behind at 7.7%. JetBlue, Delta and Southwest were all down about more than 3%.
Royal Caribbean, Norwegian Cruise Line, Carnival — Cruise stocks got pummeled in early trading on Monday, continuing a rapid descent since the coronavirus epidemic began. Royal Caribbean fell more than 25.8%, while Norwegian Cruise Line dropped 27% and Carnival was down 19.9%. All three stocks are down more than 50% so far in 2020.
Zoom Video — Shares of video conferencing company Zoom rose more than 1% as fears about the coronavirus roiled markets. The company has gotten a boost from an increase in remote video meetings as the virus spreads. Zoom Video closed the day down 0.5%.
— with reporting from CNBC’s Jesse Pound, Yun Li and Pippa Stevens.