This photo taken on January 11, 2018 shows a woman walking past Marriott signage in Hangzhou in China’s Zhejiang province.
– | AFP | Getty Images
Check out the companies making headlines in midday trading.
MGM Resorts, Marriott — Shares of casinos and hotels were in a tailspin as the industry took a massive hit due to the coronavirus outbreak. Marriott tanked nearly 30% to become the worst performer in the S&P 500 as of midday trading. MGM Resorts plunged 28% as the pandemic smashed demand for travel, bringing its month-to-date losses to more than 80%.
Carnival, Royal Caribbean, Norwegian — Cruise line stocks continued to get slammed during coronavirus pandemic. The three major cruise stocks all plunged by more than 20% on Wednesday, with Carnival losing over 29%. The companies have halted many of their planned cruises and credit rating agencies have signaled increased concern about the industry’s corporate debt.
Boeing — Shares of Boeing tanked 18%, bringing its losses this month to a whopping 62%. The plunge put the aircraft manufacturer on track for its worst month in history. On top of the consequences of two fatal crashes of its 737 Max aircraft, Boeing took a big hit from the coronavirus outbreak that disrupted the global supply chains and the travel industry.
American Airlines, United Airlines, Delta — Airlines cratered as the coronavirus continues to weigh on the beaten down travel industry, causing many of the air companies to slash their flight capacities due to a drop in demand. American Airlines cratered more than 23%, United Airlines plunged 23% and Delta plummeted nearly 25%. Alaska Air Group tanked 19% and Southwest fell more than 10%.
Bank of America, JPMorgan, Citigroup — Bank stocks fell broadly, along with the broader market, as investors worried corporate profits in the sector would take a hit amid the coronavirus outbreak. Bank of America dropped more than 7% while JPMorgan Chase fell 8.8%. Citigroup and Goldman Sachs both fell more than 10%. Banks were also under pressure as a steep drop in oil prices raised concern that several energy companies would default on their loan obligations.
Kroger – Shares of the grocer rose 7% as investors load up on defensive names. Other staples stocks moving higher include Walmart and Walgreens, which are up 6% and 5%, respectively. These stocks are often considered recession-proof as people still need daily staple products in a downturn.
Noble Energy, ONEOK — The energy sector was the biggest loser on Wednesday as oil prices plunged 16% to a more than 18-year low. Oil has been in a tailspin as the coronavirus pandemic continues to sap demand for crude. Share of Nobel Energy tanked 20%, while ONEOK shed 23%.
CNBC’s Maggie Fitzgerald, Jesse Pound, Fred Imbert and Pippa Stevens contributed to this report.
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