Menu
Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

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


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.

Image source: Getty Images.

Continue reading


Source Fool.com

Like: 0
X
Share

Comments

You may not comment on this article as you either did not confirm your account yet or were blocked. If you think this is a mistake please contact us. Show more