A customer pays for groceries after shopping at a Walmart store before the Thanksgiving vacation in Chicago.
Kamil Krzaczynski | Reuters
Find out which companies are making the headlines for lunch.
Diamondback Energy – The company’s stock fell 48% as oil prices fell 30%. Apache Corp. and Marathon Oil also lost more than 40%. Exxon and Chevron, the country’s two largest oil companies, lost 9% and 13% respectively.
Walmart – Walmart shares rose almost 2% against a backdrop of massive market sales. Falling gas prices mean more hands in consumers’ money, which could boost pedestrian traffic and sales for a large consumer company like Walmart. In addition, the big box retailer could get relief from what it pays suppliers to get goods to and from its stores.
JPMorgan, Goldman Sachs, Citigroup, Bank of America – Bank stocks collapsed in a collapse in bond yields, which weighed on the bank’s net interest margins. Citigroup shares fell more than 10%, JPMorgan lost 10.9%, Goldman Sachs fell 8% and Bank of American fell 12.9%.
Twitter – Twitter shares rose 3.8% amidst massive stock rout after social media firm reached deal with investment companies Silver Lake and Elliott Management that doesn’t mention any changes to Jack Dorsey’s role as CEO. The deal gives Silver Lake and Elliott a seat on the Twitter board of directors and includes funding for a $ 2 billion share buyback program.
Dollar Tree, Dollar General – Dollar Tree and Dollar General shares rose 2.5% and 1.5%, counteracting a downward trend in the general market as investors regroup in defensive stocks like discount stores . Consumer goods are generally not linked to economic turbulence and will survive a recession, as people would still buy everyday goods during a downturn.
American Airlines, JetBlue, Delta, Southwest – Airlines’ stocks continued to decline Monday morning as the coronavirus epidemic hits global travel demand. United Airlines fell 6% at the start of the session, with American Airlines behind with 4.2%. JetBlue, Delta and Southwest all lost about 2%.
Royal Caribbean, Norwegian Cruise Line, Carnival – Cruise stocks plummeted Monday morning, continuing a rapid descent since the start of the coronavirus epidemic. Royal Caribbean fell more than 23%, while Norwegian Cruise Line fell 17.3% and Carnival dropped 16.6%. So far, the three stocks have declined more than 50% in 2020.
Zoom Video – The shares of the videoconferencing company Zoom rose by more than 1% as fears about the coronavirus markets were bubbling. The company has gotten a boost from an increase in remote video meetings as the virus spreads.
– with reports by Jesse Pound, Yun Li and Pippa Stevens from CNBC.