MGM Resorts, Marriott — Shares of casinos and hotels were in a tailspin as the industry took a massive hit due to the coronavirus outbreak. Marriott tanked nearly 30% to become the worst performer in the S&P 500 as of midday trading. MGM Resorts plunged 28% as the pandemic smashed demand for travel, bringing its month-to-date losses to more than 80%.
Carnival, Royal Caribbean, Norwegian — Cruise line stocks continued to get slammed during coronavirus pandemic. The three major cruise stocks all plunged by more than 20% on Wednesday, with Carnival losing over 29%. The companies have halted many of their planned cruises and credit rating agencies have signaled increased concern about the industry’s corporate debt.
