Deals, no bounce
The week in stocks
July 11, 2020 at 6:20PM
Dominion Energy shares fell 10.2% to $74.26 on news that it is dropping an $8 billion pipeline deal with Duke Energy, citing costs and legal delays, and selling its gas assets to Warren Buffett's Berkshire Hathaway for $4 billion. Shares finished the week at $73.58.
Recovery under threat
United Airlines Holdings stock fell 5.5% to $33.27 Tuesday after the Wall Street Journal reported that a spike in U.S. coronavirus cases could upend a recovery in air travel this summer. The newspaper reported bookings at its Newark hub were off more than 80% from a year ago. Shares closed Friday at $32.67.
Vaccine hopes
Novavax shares rose 30% to $103.28 on Tuesday after the biotech firm said it had received $1.6 billion from the federal government to conduct a vaccine clinical trial. Shares closed the week at $94.36.
Upgrade bounce
Kohl's Corp. shares rose 9.6% to $22.25 on Wednesday after BofA Securities upgraded the stock to buy, noting that 90% of its stores have reopened with better than expected results. Shares closed Friday at $21.09.
Tough prescription
Walgreens Boots Alliance shares fell 8% to $38.89 Thursday after it forecast earnings below expectations due to the pandemic and said it would suspend buybacks and cut about 4,000 jobs in the U.K. Shares closed the week at $40.12.
Taking a bath
Bed Bath & Beyond fell 20.5% to $8.32 Thursday as first-quarter earnings fell well below expectations, though analysts remain upbeat that transformation plans will spark a recovery. Shares ended the week at $8.19.
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While the state posted overall job growth for the third consecutive month, the Department of Employment and Economic Development plans to host in-person and virtual factory tours to spark interest in the industry during October’s Manufacturing Month.
