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Signage is seen on a shopping cart inside a J.C. Penney Co. store in Peoria, Illinois.
Daniel Acker | Bloomberg | Getty Images
Check out the companies making headlines in midday trading on Friday:
Continental Resources — Shares of the oil exploration and production company dipped more than 7% following a report from Reuters that the company has halted the majority of its production in North Dakota amid the ongoing decline in oil prices. Shares have slid more than 60% this year.
Intel — Shares of Intel fell nearly 2% after giving second-quarter guidance below Wall Street’s expectations. Intel said it forecasts $1.10 in adjusted earnings per share and $18.50 billion in revenue in the second quarter. Analysts polled by Refinitiv had expected adjusted second-quarter earnings of $1.19 per share on $17.97 billion in revenue. The technology company said it would not give guidance for the full year.
DraftKings — Shares of the sports gambling company rose more than 9% in its first day of trading on the Nasdaq. The company completed a $3.3 billion reverse merger with SBTech and a special purpose acquisition company called Diamond Eagle Acquisition. Diamond Eagle was publicly traded before the deal, which was first announced in December.
J. C. Penney — J.C. Penney stock fell 10% in midday trading on Friday after a report said that it’s in advanced bankruptcy talks with lenders. The talks at the embattled retailer are said to focus on loans that would allow the retailer to continue operating during a court-supervised bankruptcy filing, the Wall Street Journal reported Thursday evening. Retailers have been hard hit of late thanks to state-imposed business closures imposed to combat the spread of the coronavirus.
United Airlines — United shares fell 1.25% by midday after the airline said it will require all flight attendants to wear a face-covering or mask while on duty starting Friday. Other airlines also slipped on Friday — American fell 1%, Southwest slipped 3% and Alaska dropped 2% — after the Food and Drug Administration said two antimalarial drugs trumpeted by the Trump administration for use against Covid-19 are linked to cardiac hazards.
L Brands — Shares of L Brands fell more than 4% after the fashion retailer sued to force private equity firm Sycamore Partners to complete the purchase of a controlling stake in Victoria’s Secret. Sycamore had wanted a lower price due to the impact of the COVID-19 pandemic, but failed a lawsuit after L Brands declined to renegotiate. L Brands argued the deal’s terms excluded Sycamore from using the coronavirus as a reason to back out.
Hertz Global — The global car-rental company dropped 11% in midday trading after a report said the impact the coronavirus has taken on its business has forced it to hire financial and legal advisors to help it remedy a cash crunch that has made its $17 billion debt load untenable. Reuters reported that Hertz and its creditors are preparing for potential negotiations to rework its finances.
— CNBC’s Pippa Stevens, Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting.
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