Check out the companies making headlines in midday trading.Â
Diamondback EnergyÂ â Shares of the company plunged 48% as oil prices plummeted as much as 30%. Apache Corp. and Marathon Oil were also down more than 40%. Exxon and Chevron, the country’s two largest oil companies, shed 9% and 13%, respectively.Â
WalmartÂ â 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.
JPMorgan, Goldman Sachs, Citigroup, Bank of AmericaÂ â Bank stocks tanked amid a collapse in bond yields, which pressure bank’s net interest margins. Shares of Citigroup are down more than 10%, JPMorgan lost 10.9%, Goldman Sachs fell 8% and Bank of American dropped 12.9%.Â
TwitterÂ âÂ 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.
Dollar Tree, Dollar GeneralÂ â Shares of Dollar Tree and Dollar General were up 2.5% and 1.5%, 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, SouthwestÂ â Airline stocks continued their slide on Monday morning as the coronavirus epidemic hits global travel demand. United Airlines fell 6% in early trading, with American Airlines close behind at 4.2%. JetBlue, Delta and Southwest were all down about 2%.
Royal Caribbean, Norwegian Cruise Line, CarnivalÂ â Cruise stocks got pummeled in early trading on Monday, continuing a rapid descent since the coronavirus epidemic began. Royal Caribbean fell more than 23%, while Norwegian Cruise Line dropped 17.3% and Carnival was down 16.6%. All three stocks are down more than 50% so far in 2020.
Zoom VideoÂ â 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.Â
â with reporting from CNBC’s Jesse Pound, Yun Li and Pippa Stevens.Â