Diamonds and Dogs

6/11/20

Zoom (ZM) zooming higher in a down market. As the market sells off, Zoom rose 8% intraday as "stay at home" stocks rebound as COVID-19 cases rise in 20 states including Texas and California. Even the U.K.'s 94-year-old monarch, Queen Elizabeth II joins the rest of the world making her first online public appearance on a videoconferencing platform on Thursday.

Travel and leisure taking a hit. Airline stocks resume their tailspin after Delta Air Lines (DAL) dropped 11% as they warned in a filing that it is seeking to renegotiate debt and needs an additional $1.2 billion. S&P Global assigned a BB rating, below investment grade, to Delta's proposed issuance of $1 billion in senior unsecured notes. S&P said that investors could expect to recoup 35% to 50% of their principal in the event of a default.

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