Check out the companies making headlines in midday trading.Â
Boeing â Shares of the aerospace giant plunged nearly 9% Thursday after JPMorgan downgraded the stock to neutral from overweight as fears of a global recession continued to rise due to the coronavirus outbreak. The bank warned in a note to clients that a dividend cut was possible for the company and lowered its price target on the stock to $210 per share from $370.
Nike â Shares of Nike tanked more than 9% after the CEO of the Footwear Distributors & Retailers of America said U.S. footwear imports from China just had their worst January in more than a decade. The industry suffered a double whammy from the U.S.-China trade war and the coronavirus outbreak. China is the biggest manufacturer of footwear sold in the U.S. Nike’s stock plunged 26% this year already.
American, Delta, UnitedÂ â Airline stocks tumbled Thursday after President Donald Trump announced new travel restrictions between the U.S. and Europe. United Airlines plunged more than 15%, while Delta and American fell 14.8% and 8%, respectively.
CitigroupÂ â Shares of the bank dropped 8% on Thursday, underperforming other banks whose shares bouncedÂ back when the Federal Reserve announced a large expansion in its repo operations and asset purchases. JPMorgan and Bank of America were both down about 1% following the statement from the central bank.Â
Wynn, Las Vegas Sands, MGM Resorts â Major casino stocks continued their slide amid the coronavirus pandemic, with three of the most closely watched stocks all falling more than 10% before rebounding. Wynn dropped 8.8%, while MGM fell 7.8% and 6%.. MGM Resorts announced yesterday that a guest had tested positive for the virus.Â
UPS â Shares of the shipping company gained 1.2%, while the broader market sold off on news that UPS CEO David Abney is stepping down. Carol TomÃ© will become the new CEO on June 1. Abney will become executive chairman of the board. By comparison, rival FedEx shares fell 9%.
Carnival, Norwegian Cruise Line, Royal CaribbeanÂ â Shares of cruise lines continued to get crushed due to the impact coronavirus is having on travel. Carnival operated Princess Cruises announced that it will pause global operations of its 18 cruise ships for 60 days. Shares of Carnival tanked 12%, Norwegian Cruise Lin cratered 21% and Royal Caribbean dropped 20%.
Lennar, PulteGroup, KB Home, D. R. HortonÂ â Homebuilder stocks fell more than the broader market during Thursday morning’s sell-off as the coronavirus pandemic fuels fears of a recession the United States. Shares of PulteGroup and D. R. Horton both fell more than 12%, while shares of Lennar dropped 10.2% and KB Home’s stock lost 8.4%.Â
Marathon Petroleum â Shares of the energy company slid 20% as oil prices continue to trade at multi-year lows, hit by soft demand as well as fallout from the failed OPEC talks. Other decliners included Phillips 66, which was down more than 11%, as well as Pioneer Natural Resources, which shed 9%.
â With reporting from CNBC’s Maggie Fitzgerald, Yun Li and Pippa Stevens.Â
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