Kraft and Heinz products
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Check out the companies making headlines in midday trading:
Kraft Heinz—Kraft Heinz dropped 3.8% after 3G Capital, the consumer goods company’s second-biggest shareholder, sold more than 25 million shares. The shares were sold at $28.44. The sale came after Kraft Heinz plunged 25% in February following a $15.4 billion write down of two of its iconic brands: Oscar Mayer and Kraft.
Oil stocks— The S&P Oil & Gas Production ETF (XOP) dropped nearly 5% after oil prices plunged on report Saudi Arabia’s oil production will be restored to normal levels faster than initially expected. Brent crude futures tanked more than 6% Tuesday after jumping the most in history in the previous session following attacks on Saudi’s oil fields that forced the kingdom to cut crude production in half. Extraction Oil & Gas and Whiting Petroleum slipped 10% and 16% respectively.
Retail stocks— Shares of the S&P 500 Retail ETF (XRT) fell 0.7% as retailers worry that higher gas prices will eat into consumer spending, denting retail sales. Shares of Nordstorm tanked more than 10%, while Macy’s dropped more than 4% and Kohl’s fell 3.5%.
Corning— Shares of glass and optical components maker cratered 8% after the company cut its sales forecast for television and optical communication cable components. Corning cited business investment cutbacks by several major telecommunications companies.
Airlines— Shares of American Airlines rose nearly 3% and United Airlines rose more than 2% as oil prices fell after having their biggest jump ever on Monday. Higher oil prices can weigh on transportation stocks, especially airlines, who use large amounts of fuel.
Home Depot—Shares of home improvement retailer Home Depot slid 1% following a downgrade by Guggenheim to neutral from buy. The firm said Home Depot’s $5.4 billion business investment plan will likely prevent margin expansion in 2020. Guggenheim also lowered its 2020 earnings per share estimates.
Cracker Barrel— Shares of restaurant chain Cracker Barrel jumped as much as 4% after reporting strong fourth-quarter earnings. Cracker Barrel beat on the top and bottom lines, earning $787.1 million in revenue, compared to the $775 million estimated by analysts, according to Refinitiv. Earnings per share were $2.70, topping estimates of $2.48. Same-store sales rose 3.8%, while Wall Street forecast growth of 2.7%.
Zynga— Shares of game developer Zynga rose 2% after Stephens named the company a “best idea.” The firm said Zynga is well positioned for a consolidation in the mobile gaming market over the next 6-18 months.
Match Group— Shares of the parent company of Match.com and Tinder, Match Group, rose 3% after Citi initiated the stock with a buy rating. The firm said the company has a compelling opportunity internationally.
SeaWorld Entertainment— Shares of SeaWorld fell 3% after the company announced its chief executive officer Gustavo Antorcha is leaving the company seven months after taking the job. Chief Financial Officer Marc Swanson will serve as interim CEO.
—CNBC’s Yun Li and Fred Imbert contributed to this report.
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