Afternoon Movers: Sears, Canadian Natural Resource, United Continental
The S&P 500 Index was trading lower today by around 1.3%.
Shares of the following three companies were subject to significant price movements:
The Barron's post points out that although Macy's monthly release may have looked positive overall, it looks notably less positive without online sales. Perhaps investors are expecting Sears to issue a monthly sales release that is affected by weaker offline sales.
Canadian Natural Resource (NYSE: CNQ): This oil and natural gas company's share price has declined more than 7% today. The stock may be hurting from declining oil prices, with the iPath Crude Oil ETF (NYSE: OIL) falling around 3.4% today.
As of December 31st last year, oil reserves represented almost 90% of discounted projections for future revenue from Canadian Natural's total collection of reserves. What does this mean? Oil prices matter a lot to Canadian Natural Resource. Energy company Denbury Resources (NYSE: DNR) is also trading lower today.
United Continental (NYSE: UAL): Today's falling oil prices also matter to United Continental, as gasoline is one of the airline's key costs. Shares of United Continental have risen around 2% today, after rising more than 1% Tuesday on an oil price decline. Shares of competing airline Delta Air Lines (NYSE: DAL) are also up today, trading around 0.3% higher.
Disclosure: At the time of this writing, I did not own shares of any companies mentioned in this post.
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