Stocks making the biggest moves midday: Disney, Carvana, Diamondback Energy and more
Check out the companies making headlines in midday trading.
Disneyreappointed Bob Iger as chief executive officer, effective immediately and 11 months after he left Disney. Bob Chapek, Iger’s hand-picked successor who was named CEO in February 2020, has come under fire during his tenure for various decisions leading to a slide in Disney’s stock price and weaker-than-expected profits.
China stocks — Growing Covid concerns in China weighed on the Asian market. The Shanghai CompositeShenzhen Component Indexfirst deaths from the virus that mainland China has recorded since May when Shanghai was still locked down.
Energy stocks — Energy stocks were the biggest losers in the S&P 500 midday after oil prices fell to their lowest levels since early January following a Wall Street Journal report that Saudi Arabia and other OPEC oil producers are discussing an output increase. The Saudi Energy Minister has denied the report. Still, Diamondback EnergyHalliburtonMarathon OilHessDevon EnergyOccidentalAPA Corp
Williams-SonomaRHwere downgraded by Barclays to equal weight from overweight. Analyst Adrienne Yih, who also slashed the price targets of both home furnishing retailers, cited a trickle-down impact on home furniture spending from the weakening housing cycle.
— CNBC’s Yun Li, Michelle Fox, Samantha Subin and Sarah Min contributed reporting