Why Whiting Petroleum, NIO, and U.S. Steel Slumped Today
Things were slow on Wall Street on Friday, as many investors simply took the day off for a long Thanksgiving weekend. For the most part, there wasn't a lot of news moving the major benchmarks, although some market watchers did point to comments from Washington that hinted at greater tensions on the trade front. A few stocks made some significant moves lower. Whiting Petroleum (NYSE: WLL), NIO (NYSE: NIO), and U.S. Steel (NYSE: X) were among the worst performers. Here's why they did so poorly.
Shares of Whiting Petroleum sank 11% as investors continued to get more worried about the sustained poor conditions in the energy markets. Oil prices moved sharply lower on Friday, falling by more than $2 to go below $56 per barrel. A rising number of weaker oil and gas exploration and production companies in the U.S. have gone bankrupt in recent months, as those producers that face high costs and particularly difficult markets are running out of good financing options to sustain their operations. Whiting has also made overtures to try to buy industry peers in order to consolidate its business, and that would be a risky proposition at this point.
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Source Fool.com
