Check out the companies making headlines in midday trading on Friday:
Tesla — Shares of Tesla dropped more than 11% after CEO Elon Musk tweeted that the company's shares are priced "too high." After Musk's famous tweet in August 2018 saying he wanted to take Tesla private at $420 per share, he has agreed to submit his public statements about Tesla's finances and other topics to vetting by its legal counsel. It's unclear if Musk had that approval for his tweets Friday.
Amazon — Shares of the e-commerce giant sunk more than 7% on Friday after CEO Jeff Bezos said Amazon will spend all of its second-quarter profit on coronavirus response. The company did beat Wall Street estimates for revenue for its first quarter but missed on profits.
United, American and Delta airlines — Airline stocks fell on Friday as investors digested the first wave of earnings reports since the coronavirus pandemic hit global travel. Evercore ISI cut its price target on American Airlines to $1 per share from $10 share, citing concern about the level of debt the company will need to survive the crisis. Shares of Delta Airlines dropped 7.8%, while shares of United and American fell double-digits.
Clorox — Clorox shares gained 4.5% after the company reported a 15% sales jump for the previous quarter. The company's cleaning segment, which includes bleach and Pine-Sol, saw sales grow by 32% amid strong demand for cleaning supplies during the coronavirus pandemic.
MGM Resorts — Shares of the casino stock fell more than 10% on news that gambling revenue in the Chinese territory of Macau dropped more than 96% in April. Wynn resorts fell 6% and Las Vegas Sands lost more than 5%. Investors also worried the economy may not reopen as soon as expected.
Exxon Mobil — Shares of the energy giant slid more than 6% after the company reported its first quarterly loss in decades. In the first quarter, Exxon lost $610 million after writing down $2.9 billion due to falling oil prices.
Chevron — Chevron dropped more than 5% after the company said it was further reducing its 2020 capital spending plan, and announced plans to cut production in May and June on the heels of the coronavirus-induced slowdown in demand. For the first quarter, Chevron reported earnings per share of $1.93, which included $680 million in one-time favorable items, and $31.5 billion in revenue, helped by downstream margins and increased production in the Permian Basin.
Carnival, Royal Caribbean, Norwegian — Shares of all three major cruise lines fell more than 10% on Friday as some of the stocks hit hardest by the coronavirus crisis struggled. The Miami Herald reported on Thursday that Norwegian was furloughing 20% of its land-based staff.
— CNBC's Pippa Stevens, Maggie Fitzgerald, Fred Imbert, Yun Li and Jesse Pound contributed reporting.
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