Expedia Tops S&P 500; Stocks Slip as Crude Oil Drops 21% in July

Expedia (EXPE) was one of the best performers on the S&P 500 Friday after topping quarterly profit estimates.
Author:
Publish date:

Expedia (EXPE) was one of the best performers on the S&P 500 Friday after topping quarterly profit estimates. The online travel agency said domestic room nights increased 24% and international room nights jumped 50%. Stocks reversed gains in the afternoon session, falling into the red as oil tumbled below $48 a barrel. It wasn't a good month for oil, either, as the commodity suffered its worst losses of the year. Crude plummeted 21% in a month which saw an Iranian nuclear deal threaten even more oil on oversupplied markets and global production at record highs. Hanesbrands (HBI) bottomed out the S&P 500. The underwear company missed earnings expectations in its most recent quarter and reduced sales forecasts for the year.