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I'm Tim Stanebeck along with Carol Master. Let's take a look at some stocks on the move this week. We are joined by Bloomberg News Equities reporter Avalon Pernell. There were a lot of stocks that made big moves on the week, and a lot as a result of the macroeconomic backdrop of the US and Israel war against Iran.
Absolutely correct.
Our team is very busy this week, and I think we could probably start off with airlines, so taking a look at United Airlines that's ticker UAL and also Southwest which is ticker LUV. Both of those had a very brutal week, to say the least, United Airlines tumbling thirteen percent, Southwest falling about sixteen percent this week. And that's all because it seems like the hope stat the Iran conflict would end quickly. We are quickly fading into the background,
and with that, jet fuel prices have soared. It's important to note that for airlines, jet fuel is responsible for nearly a third of cost and the price of that jet fuel has gone to over four dollars per gallon, and previously last year was about two dollars, and so Deutsche Bank said that kind of represents an existential threat for these airline carriers, So it'll be interesting to see how they feel that risk and mitigate those issues.
That's a big move to the downside on those names, So we'll see, and all of it is so contingent on how long this goes on. Let's go on over to the cruise lines.
Yes, kind of similar story.
Carnival ticker CCL and Norwegian Cruise Line ticker NCLH also both down about eighteen percent this week. But it's not just fuel costs for this situation that are handing them a beating. It's also the fact that given where the conflict is happening, it could disrupt their cruises to the Middle East and also the Eastern Mediterranean, very popular spot.
And we actually Hadloomberg Intelligence analysts right that their ability to offset such costs with efficiencies kind of depends on the Strait of Hermus remaining open, which, as you guys already mentioned, is not guaranteed.
Yeah, I would think twice right about cruising in the region.
Yeah, not to state the obvious, they're operating.
Yeah, if they're even operating, they're probably not right. So yeah, it's just again we're starting to see and start to assess the impact. Certainly again goes to how long this goes on? Where shall we go next?
Lastly, we have Software, which despite all the red that happened this week, we did have a couple of green spots and Software was one of them. Service Now that's ticker and ow very easy to remember, up about fourteen percent this week.
That's its biggest weekly leap since.
April, and that's partially because they were able to kind of beat back some of this anti AI sentiment in the market and shake off those industry wide concerns, along with other software.
Names as well, like crowd Shrike.
Citizens out with a note today saying that Service Now remains an attractive opportunity for long term capital appreciation, and basically they say, along with a lot of other analysts, that the downward move last month went way too far. Now to you know, they are still down nineteen percent this year, but yeh, a good sign.
But you know it's also you know, you know, you wonder you know, at some point do you investors say, Okay, these names have been beaten up where we're making a very big assumption about the future of a certain entity, your company, and then so they say, well, wait a minute, let's look at the fundamentals. This maybe makes sense. And this is why we've talked a lot about buying the dip this week. Got anything for us, Danevic.
It took me a while, but I found it.
Okay, what were you looking for it?
I was looking for jet fuel prices. This is a jet fuel New York Buckeye MC if you want to look it up on the Bloomberg terminal, because it just shows the chart. It's jet in ypr index. And right now we are at four and eleven cents or sorry, three dollars and eighty nine cents. The highest was back in twenty twenty two, and that's when it was at seven dollars and sixty six cents. So a far cry from where we were back in twenty twenty two when
that was you know, different inflationary concerns. But just you know, in the last few days, up close to seventy percent incredible.
That's a big move.
I know, I'm jumping around that's a big move.
No no, no, sorry, Look Talia has it up on the screen right now. I know, I know, amazing, but this is this is what the Bloomberg does to you though, you just want to kind of play with it. Emlon, thank you so much. Evlon Perne. There, Bloomberg News Equities Reporter. Check out our Stock Movers podcast, five minute episodes big winners, losers at any given moment in the market day. You could find it on Apple, Spotify or anywhere you get
your podcast. Of course, this was some of the big movers for the week overall.
This stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest mark moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.