Energy Stocks Fall After Crude Oil Drops 10%

Oil patch stocks fell after crude oil prices dropped below $100 a barrel for the first time in seven weeks. Liquidity Services gained after large retailers ramp up liquidations of excess household items and kitchen appliances resulting from supply chain disruptions.

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Movers: Bassett, Furniture, Carnival, MSC Industrial, RH, Schnitzer Steel, UniFirst, Walgreens

Bassett Furniture completed the sale of the Zenith Logistics subsidiary. RH lowered its annual sales growth outlook second time this month. Walgreens quarterly net income declined.

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Movers: Bed Bath & Beyond, Carnival Cruise, General Mills, McCormick, Pinterest, Disney

Bed Bath & Beyond sales plunged and the retailer ousted its chief executive. McCormick earnings declined on higher input costs. General Mills offered a cautious outlook for the current fiscal year. Disney renewed its contract with its current chief executive.

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Movers: Capita, Essilor Luxottica, Hornbach Baumarkt, Shoe Zone

Capita Plc said revenues are in-line with management expectations. Shoe Zone lifted adjusted full-year earnings estimate. The DIY store chain operator Hornbach Baumarkt first quarter earnings fell.

Movers: Nike, Occidental Petroleum, Spirit Air, Snowflake, Walt Disney

Nike reported higher quarterly inventories and a decline in gross margin. JetBlue revised its offer for Spirit Air responding to the latest offer from Frontier. Disney said its Shanghai park will reopen this week. Berkshire Hathaway lifted its stake in Occidental Petroleum.

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Movers: Akzo, Petrofac, Stellantis, Valeo, Volkswagen

Stellantis plans to build three battery plants in Europe. Akzo appoints a new chief executive officer. Petrofac said new orders are driving second-half sales higher than expected. Volkswagen is said to sell its minority stake in the U.S. electric charge business.

Movers: Altria, AutoZone, Coinbase, Chewy, Digital World, Etsy, Spirit Air, Walgreens

India-based Reliance Industries is in the lead to acquire the U.K.-based drug chain Boots from Walgreens. Altria won a temporary stay on the FDA ban from selling e-cigarettes products. Coinbase dropped on negative comments from Goldman Sachs.

Movers: Ferguson, Lamprell, Saipem, Ultra, Zalando, Zurich Insurance

Ferguson PLC commenced its tranche of share buy back program today. Zalando trimmed its fiscal year outlook on macro headwinds. Zurich Insurance agreed to sell its German business unit. Saipem SpA stressed the importance of its current fundraising plan.

Movers: Altria, Airbnb, Coinbase, Kohl's, La-Z-Boy, Revlon

Retailer Kohl's plunged on worries that the offer price may be lowered. La-Z-Boy jumped after quarterly earnings surged. Altria Group plunged on the new nicotine level regulation in cigarettes.

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Movers: Airbus, Air Liquid, DS Smith, Nordex, Ocado

Ocado completed a stock offering of £575 million. Nordex dropped after quarterly loss widened. EasyJet exercised to acquire more Airbus planes.

Movers: Abbott, Carnival Cruise, CMC, Jabil, KLA, Revlon, Tesla, Twitter

Airlines, cruise operators, and travel stocks plunged on recession worries. Tech stocks led the decliners after the Nasdaq plunged 4% by mid-day. KLA announced a $6 billion stock repurchase plan. Revlon filed for bankruptcy protection.

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Movers: Baidu, H&M, MicroStrategy, Moderna, Olin, Robinhood, Snowflake, Stellantis

The parent of Chrysler announced layoffs at its Michigan stamping plant. The cryptocurrency meltdown continues and MicroStrategy traded up and down tracking the volatile bitcoin. Moderna gained after winning FDA advisory panel approval.

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Movers: Coinbase, Compass, FedEx, EQT, Redfin, Oracle

Natural gas futures plummeted after a fire knocked off a Freeport LNG facility from operation for the next several months. FedEx hiked dividend and expanded board after an agreement with an activist investor. Coinbase said it plans to cut staff. Redfin and Compass plan to lay off workers as home sales decline.

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Movers: Astra Space, Caesars, Coinbase, DocuSign, McDonald's, Prologis, Zendesk

Astra Space fell after the company's weekend rocket launch failed to reach orbit. Cryptocurrencies linked stocks fell after bitcoin dropped 15%. Tech stocks extend losses. Revlon plunged ahead of bankruptcy filing.

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Movers: Angi, CME Group, DocuSign, Netflix, Rent the Runway, Stitch Fix

DocuSign plunged after quarterly results were weaker than expected. Rent the Runway quarterly sales doubled. Stitch Fix sales declined and said it plans to trim its workforce by 4%. Netflix dropped after Goldman Sachs lowered the stock price target.

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