Top Stock Movers Now: American Airlines, UnitedHealth Group, Chewy, and More
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Key TakeawaysThe Dow, S&P 500, and Nasdaq were lower at midday Wednesday, May 29, 2024 as airline and health insurer stocks lost ground.American Airlines shares fell after the carrier cut its current-quarter profit and sales forecasts.Shares of UnitedHealth Group and rival health insurers tumbled after UnitedHealth warned of a “disturbance” ahead as states reduce the number of residents eligible for Medicaid.
The Dow, S&P 500, and Nasdaq were lower at midday Wednesday, as airline and health insurer stocks lost ground, weighing on the indexes.American Airlines (AAL) shares plunged after the carrier cut its current-quarter profit and sales forecasts, and said Chief Commercial Officer Vasu Raja was leaving. Shares of others in the sector declined as well.Shares of UnitedHealth Group (UNH) and rival health insurers tumbled after UnitedHealth warned of a “disturbance” ahead as states reduce the number of residents eligible for Medicaid.ConocoPhillips (COP) shares lost ground as the oil giant agreed to buy Marathon Oil (MRO) for $22.5 billion, including debt. Marathon Oil shares surged. Abercrombie & Fitch (ANF) shares skyrocketed to a record high as sales advanced across its brands and regions, and the retailer raised its guidance.Shares of Chewy (CHWY) soared after the e-commerce pet food and supplies retailer posted better-than-expected earnings and sales and announced a new stock buyback plan as its automatic delivery sales increased.Dick’s Sporting Goods (DKS) shares took off as the sports and recreational equipment retailer also exceeded profit and sales forecasts as its stores saw a rise in customers who spent more.Oil and gold futures fell. The yield on the 10-year Treasury note rose. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded lower.
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