Market Insider | Midday Biggest Moves;: Stocks making the biggest moves midday: Caterpillar, SCWorx, Ford, AMC & more
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Caterpillar — Shares of the manufacturing company dropped more than 8% after Bank of America downgraded the stock to underperform from neutral. The bank said in a note that the hit to the energy and mining sectors from the
Dish Network — Dish shares fell nearly 5% after Reuters reported the satellite TV company had reduced its staff to better withstand the
Ford Motor — Ford shares dropped more than 5% after the automaker warned that the economic fallout from the
Delta, United, American Airlines — Airline shares fell broadly after Fitch downgraded Delta’s debt to BB+ from BBB-. “Though Delta remains a stronger credit than its network peers, debt raised to sustain liquidity through the pandemic will drive credit metrics outside of a range supportive of investment-grade ratings at least through 2021,” according to Fitch. Delta and American dropped more than 6% each while United traded 7.5% lower.
Norwegian Cruise Line, Royal Caribbean, Carnival — Cruise line stocks fell after the Centers for Disease Control and Prevention extended a no-sail order for cruises.
Palo Alto Networks — Shares of the
AMC Entertainment — AMC Entertainment tanked more than 15% after the New York Post reported the movie theater chain is inching towards a bankruptcy filing. AMC is in talks to hire law firm Weil Gotschal & Manges to explore a potential Chapter 11 filing after shuttering its cinemas nationwide due to the
Liberty Formula One — The entertainment stock dropped more than 5% on Monday morning after Morgan Stanley downgraded the company to equal weight from overweight. The firm’s analysts said in a note that the
Facebook — Facebook dipped more than 2% after The Wall Street Journal reported the social media giant’s ad rates fell up to 25% in March compared to February.
Boeing — A source told CNBC that Boeing is looking into cutting its payroll by up to 10%. Boeing shares dipped more than 2%.
—CNBC’s Maggie Fitzgerald, Yun Li, Jesse Pound, Pippa Stevens and Tom Franck contributed to this report.