Check out the companies making headlines in midday trading on Thursday:
Exxon Mobil, Chevron, ConocoPhillips — Oil and gas stocks surged after President Donald Trump said he recently spoke with leadership of other major oil exporting countries. Trump said those nations will soon announce a deal to cut oil productions by millions of barrels after the price of oil cratered amid a price war between Saudi Arabia and Russia. Exxon, Chevron and ConocoPhillips shares climbing 7%, 11% and 14% respectively.
Luckin Coffee — The U.S.-listed shares of the Chinese coffee chain plummeted more than 70% after the company said an internal investigation found its COO fabricated 2019 sales. Luckin Coffee also said investors should not rely on earnings and financial statements for the nine months that ended Sept. 30.
Zoom Video — Shares of the video conferencing company fell more than 6% after CEO Eric Yuan acknowledged Zoom had "fallen short of the community's – and our own – privacy and security expectations." Zoom had been criticized for "zoombombing" and for sharing data with Facebook, among other issues.
Apache — The oil exploration company's shares rose 20% after it announced a "significant" oil discovery off Suriname in South America.
Shopify — Shopify shares fell more than 9% after the online retailer suspended its financial expectations for 2020, citing uncertainty over the coronavirus.
Altria — The tobacco company's stock fell nearly 5% after the Federal Trade Commission sued the company to unwind its investment in Juul. Ian Conner, director of the Bureau of Competition at the FTC, said in a statement that the companies had "turned from competitors to collaborators." Altria invested $12.8 billion in the e-cigarette company.
Walgreens Boots Alliance — Walgreens shares dropped more than 6% after CFO James Kehoe said the company's sales turned lower in the last week of March as the coronavirus pandemic keeps customers indoors. Kehoe noted sales were down in the mid-teens to end March on a year-over-year basis.
CarMax — CarMax shares dropped 1.8% on Thursday after the company warned that its sales have slumped since the first week of March as COVID-19's spread accelerated across the United States. The used-car seller, which has shuttered about half of its stores, said demand is anemic at those locations that remained open amid the contagion. CarMax did, however, report higher profit for its fiscal fourth quarter as revenues rose in the three months ended Dec. 31.
Royal Caribbean — Shares of the cruise line were roughly flat on Thursday morning, trailing the broader market, after the company announced that it had drawn down its revolving credit lines. The struggling travel company tapped two credit lines worth $3.48 billion from Nordea Bank and Scotiabank, it said in a filing. The stock was up about 8% at one point in early trading.
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