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The coronavirus corporate breakdown

President Trump said yesterday that Vice President Mike Pence would coordinate the government’s response to the coronavirus. Despite mounting criticism, the president has played down the danger of a widespread U.S. outbreak, the NYT reports.

Stocks are down again today, with U.S. futures suggesting that a sixth consecutive daily decline awaits. Wall Street strategists say the situation could get worse before it gets better.

Yet shares in companies that cater to people staying home are outperforming — think disinfectants (Clorox), canned food (Campbell Soup), exercise equipment (Peloton) and videoconferencing tools (Zoom) — as are others like drug makers developing vaccines (Gilead) and gold miners who dig up the stuff hoarded by people freaked out about the economy (Newmont Mining).

Companies are restricting travel and sending workers home, and rapidly reducing their expectations for sales at any business that relies on China as a buyer or supplier. (Microsoft is one of the latest to sound the alarm.) Quarantines and travel bans are particularly bad for deal makers who rely on in-person schmoozing, with bankers prevented from meeting clients. The problem goes beyond Asia — although it’s especially acute there.