The stock market lost ground on Friday, giving into pressure stemming from an possible escalation in the trade dispute between the U.S. and China. A threat to limit U.S. investment in China included a look at potentially requiring Chinese companies to de-list their shares on U.S. exchanges, and that eliminated any hopes that relations between the two nations were improving. Still, some stocks managed to post solid gains. Latam Airlines Group (NYSE: LTM), Arcus Biosciences (NYSE: RCUS), and Vail Resorts (NYSE: MTN) were among the top performers. Here's why they did so well.
Shares of Latam Airlines Group soared 31% after the Chilean airline partnered up with Delta Air Lines. Delta will take a 20% interest in Latam for $1.9 billion and will invest an additional $350 million in order to help Latam as it ends its previous partnership with American Airlines Group. As part of the deal, Latam will leave the Oneworld alliance program, which included American. The move shows just how valuable the Latin American travel market is, especially at a time when U.S. airlines are flush with cash and looking to shore up strategic alliances across the globe.
Image source: Latam Airlines.