Stocks Moving Premarket: Exxon Mobil, Halliburton, Shake Shack - Barron's

Get ready for a rocky Monday.

Futures for the major stock indexes were down as investors waited to hear a fresh crop of companies report their first-quarter results this week, providing a glimpse into how their financial fared as the coronavirus pandemic shut down large swaths of the economy.

Dow Jones Industrial Average futures were off 448 points, or 1.8%, matching a similar drop in the S&P 500. Futures for the Nasdaq Composite were down 1%.

Oil prices plunged, with the price of West Texas Intermediate crude for May delivery falling 31%, to $12.45 on weakened demand and concern about a lack of storage space in the U.S. The May contract is set to expire Tuesday.

Brent crude, traded internationally, was off 6.2% at $26.35.

The drop in oil caused shares of Exxon Mobil (XOM) to plunge 6.3% premarket. Chevron (CVX) and Occidental Petroleum (OXY) shares were down 4.5% and 10.9%, respectively.

Halliburton (HAL), an oil-field-services provider, saw its shares fall 6.3% even after beating quarterly estimates on the top and bottom line after warning that activity will continue to plunge in the second quarter.

Other companies making moves premarket include Shake Shack (SHAK), which saw shares dip 1.2% after announcing that it will return a $10 million loan it received under the Cares Act after it—and other large restaurant chains—faced criticism for taking loans intended for small businesses. Shake Shack said it was able to raise $150 million in an equity offering.

Wynn Resorts (WYNN) shares dropped 3% after chief executive Matt Maddox called for reopening the Las Vegas Strip in mid-May, while also providing a 23-page plan for safely doing so.

Write to Carleton English at carleton.english@dowjones.com

Let's block ads! (Why?)

https://www.barrons.com/articles/stocks-moving-premarket-exxon-mobil-halliburton-shake-shack-51587385847

2020-04-20 12:30:00Z
CBMiaGh0dHBzOi8vd3d3LmJhcnJvbnMuY29tL2FydGljbGVzL3N0b2Nrcy1tb3ZpbmctcHJlbWFya2V0LWV4eG9uLW1vYmlsLWhhbGxpYnVydG9uLXNoYWtlLXNoYWNrLTUxNTg3Mzg1ODQ30gFsaHR0cHM6Ly93d3cuYmFycm9ucy5jb20vYW1wL2FydGljbGVzL3N0b2Nrcy1tb3ZpbmctcHJlbWFya2V0LWV4eG9uLW1vYmlsLWhhbGxpYnVydG9uLXNoYWtlLXNoYWNrLTUxNTg3Mzg1ODQ3

Bagikan Berita Ini