Stocks making the biggest moves midday: Moderna, United Airlines, Zoom and more
Moderna’s sign is seen outside of their headquarters in Cambridge, MA on March 11, 2021.
Boston Globe | Getty Images
Check out the companies making headlines in midday trading Friday:
United Airlines, American Airlines – Airline stocks were hit hard during Friday’s sell-off, as the new Covid variant sparked travel restrictions. Shares of United and American dropped more than 12% and 11%, respectively. Delta lost about 11%, and aircraft maker Boeing slid more than 7%.
Marriott International, Airbnb — Travel stocks took a hit after news of the new Covid variant. Hotel stocks Marriott and Hilton retreated more than 10% and 8%, respectively. Airbnb fell more than 5%. Expedia sunk more than 11%.
Live Nation, Las Vegas Sands — Entertainment and Casino stocks fell amid news of the new Covid variant. Live Nation and Las Vegas Sands were both down more than 7%, Wynn Resorts fell more than 8%, and Penn National Gaming fell more than 2%.
Macy’s, Gap — Retail stocks were hit hard Friday, in what is normally one of the busiest shopping days of the year. Shares of department store chain Macy’s were down more than 6%, while Gap fell around 3%. Nordstrom lost more than 7%. Nike was down more than 1%. Shares of Simon Property Group, the biggest U.S. mall owner, dropped more than 5%. Meanwhile, grocery store chain Kroger added 3%.
Zoom Video – Zoom Video shares jumped more than 6%, as investors piled into stay-at-home stocks amid the broad market sell-off. Peloton also advanced more than 3%. Both stocks are still down heavily for 2021, however, as investors have rotated into areas of the economy that benefitted from the economic reopening.
Moderna, Pfizer — Vaccine makers saw their shares rally after the Covid variant news. Moderna surged more than 24%, Pfizer jumped more than 5%, BioNTech gained more than 19% and Novavax added roughly 9%. Other health-care stocks also gained as Covid fears grew. Quest Diagnostics rose nearly 4% while Incyte added more than 3%.
Occidental Petroleum – Shares of the exploration and production company tumbled 11.1% amid a broad decline in energy stocks. U.S. oil slid more than 9%, falling to the lowest level in two months amid fears over the new Covid variant. Marathon Oil, Devon Energy and APA all declined roughly 10%. Every component in the S&P 500 energy sector declined during Friday’s holiday-shortened trading session.
Bank of America, Citigroup — Bank stocks tumbled on Friday as the new Covid variant raised fears about economic growth and drove Treasury yields lower. Shares of Bank of America and Citigroup lost more than 4% each, while Goldman Sachs dropped around 3%.
Didi Global — Shares of Didi fell more than 6% after a report that the ride-sharing company has been asked by Chinese regulators to delist from the New York Stock Exchange. The request to delist the ride-haling company is said to come amid concerns about data security.
Tesla — Tesla shares slid 1.4% after a report that the company will invest $188 million to expand production capacity at its Shanghai factory.
— CNBC’s Jesse Pound and Pippa Stevens contributed reporting