The hype surrounding a potential OPEC production cut seemed to be waning Friday, as crude slipped back below $50, pulling down a range of oil stocks, including roughly 3% dips in shares of Marathon Oil (MRO) and Stressed Out watch list member Chesapeake Energy (CHK) . Drillers also announced they have added two rigs this week to a steadily climbing total of 524 in the U.S.
Shares of Delta Air Lines (DAL) were also falling in mid-afternoon trading after the carrier said it was cancelling flights into and out of Florida after Hurricane Matthew slammed into the southern coast. According to The Wall Street Journal, Delta plans to cancel a total of 280 flights in and out of Florida through Friday and there may additional delays in Georgia on Saturday. Passengers with canceled flights have been offered waivers to redeem their ticket costs.
Meanwhile, shares of Sunrun (RUN) were charging ahead after analysts with Goldman Sachs raised their rating on the San Francisco-based solar-electricity provider to "Buy" from "Neutral," noting that the solar-energy industry, after facing cyclical challenges, "has emerged in recent quarters."