Market Insider

In this article

Employees work in the cargo hold of a Boeing 737 MAX 9 test plane outside the company’s factory, on March 14, 2019 in Renton, Washington.
Stephen Brashear | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Delta, United, American Airlines — Airline stocks fell in tandem as concerns about a rebound in Covid-19 cases intensified.  Shares of Delta and American Airlines all lost more than 3%. United declined over 4%. Aircraft manufacturer Boeing‘s stock also fell about 5%. Covid cases have ticked up in the U.S. this month with the delta variant spreading among the unvaccinated.

Carnival, Norwegian Cruise Line — Shares of cruise line operators were among the biggest laggards amid Monday’s broad sell-off. Carnival and Norwegian Cruise Line dropped about more than 4% each, while Royal Caribbean fell over 3%. The decline came as the U.S. is averaging nearly 30,000 new cases a day in the last seven days ending Friday, up from a seven-day average of around 11,000 cases a day a month ago, according to CDC data.

Diamondback Energy, Devon Energy, Marathon Oil — Shares of oil companies sunk amid falling U.S. oil prices as OPEC and its allies agreed to raise output. West Texas Intermediate crude futures fell below the key $70 level Monday for the first time in more than a month. Diamondback Energy slid 7.8%, and Marathon Oil fell 6%. Devon Energy erased 5%. Chevron shed more than 3%, while Exxon Mobil declined over 4%.

JPMorganMorgan Stanley, Goldman Sachs — Bank stocks took a hit Monday as bond yields plummeted, crimping their profitability prospects. JPMorgan, Morgan Stanley, Goldman Sachs and Wells Fargo all slid over 3%. Bank of America dropped more than 2%, and Citi fell over 3%.

Peloton, Chewy, DoorDash — Shares of companies that benefited from consumers staying at home amid the pandemic saw a boost on Monday as concerns of the spreading delta Covid variant heightened. Exercise company Peloton and pet supplies online retailer Chewy added more than 6% each. Food delivery service DoorDash rose more than 4%. Grocery store companies Albertsons climbed 0.9%, while Kroger gained more than 1%.

Tractor Supply – Tractor Supply’s stock fell about 6% despite a better-than-expected second-quarter earnings report. The farm equipment and services company posted quarterly earnings of $3.19 per share on revenues of $3.6 billion, beating analysts’ earnings estimate of $2.96 per share on revenues of $3.46 billion.

Zoom Video — Shares of the video conferencing company dipped over 4% on Monday after accounting that it’s buying Five9, a provider of cloud contact center software, in an all-stock transaction valuing the company at $14.7 billion. The deal marks Zoom’s first billion-dollar acquisition.

Moderna – Moderna shares added more than 7%, continuing the stock’s climb after news last week that the pharmaceutical company would join the S&P 500 on Wednesday, July 21. Moderna will replace Alexion Pharmaceuticals, which is being acquired by AstraZeneca.

— CNBC’s Yun Li, Maggie Fitzgerald and Tanaya Macheel contributed reporting

Become a smarter investor with CNBC Pro
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. 
Sign up to start a free trial today

Articles You May Like

3 Tech Stocks to Turn $250,000 Into $1 Million: February 2024
Reddit will let users buy its IPO, but warns that they could make the stock riskier
Consolidation or Collapse? NIO’s Future Is Uncertain Amid China’s EV Crackdown.
Red Flag Alert: 3 Stocks That Hindenburg Research Is Shorting Now
Move Over, BYD. Li Auto Looks Ready to Take EV Market Share.