Kellogs mini wheats cereal
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Check out the companies making headlines in midday trading on Friday:
Chipotle, Domino’s Pizza, Papa John’s — Shares of food companies that provide delivery or order-out style services are rallying from the societal shift to quarantining due to the coronavirus. Shares of Chipotle gained 6%, Domino’s Pizza rose more than 1.5% and Papa John’s rallied more than 5%.
Resort and casino operators — MGM Resorts and Wynn Resorts jumped 27% and 16%, respectively, after both tanking more than 50% this month alone as the coronavirus pandemic forced the casinos to shut their doors. Marriott and Hilton also rebounded sharply Friday, up 19% and 7%, respectively. Hotels are among the hardest-hit industries as travel restrictions around the world slashed demand to nearly nonexistent. The travel and tourism industry is seeking $150 billion in financial aid to offset the coronavirus damage.
Kellogg, Kroger, Clorox — Consumer staples stocks took a hit on Friday, losing some of their strong relative performance in recent weeks. Shares of all three stocks fell by more than 6% in midday trading. Both Kroger and Clorox are still positive year to date, while Kellogg is down less than the broader market.
Travelers — Shares of the insurance company surged by 6.5% on Friday, making it the biggest winner in the Dow Jones Industrial Average. The stock was highlighted as a potential outperformer in the Wall Street Journal’s “Heard on the Street” column, along with other property insurer stocks.
Boeing — Boeing bounced nearly 2% in midday trading, paring some of its steep losses over the last month, after Citi cut estimates on the aircraft maker but reiterated its buying rating on the stock. Investors may be compelled to buy the equity following a 73% decline over the last six months as it grapples with cooler demand as a result of the COVID-19 outbreak and the grounding of its 737 Max jet.
Advanced Micro Devices, Nvidia, Lam Research — Chipmaker stocks rose as investors looked to the supply chain in China recovering as the country’s manufacturing plants begin to restart after a widespread shutdown due to the COVID-19 pandemic. AMD rose 5%, Nvidia rose 2% and Lam rose over 7%.
United Airlines, American Airlines, Delta Air Lines, Southwest Airlines — Shares of airlines rose as stakeholders grew more optimistic that the U.S. federal government will provide a financial bailout to the industry. United gained the most, up 17%, while American, Delta and Southwest rose 2%, 2% and 1%, respectively. United had warned earlier this week that it was quickly bleeding cash as passenger travel has come nearly to a halt in light of the coronavirus pandemic.
— CNBC’s Yun Li, Maggie Fitzgerald, Michael Sheetz and Jesse Pound contributed to this report.
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