Stocks making the biggest moves midday: Cerebras Systems, KB Home, Expedia, Exxon Mobil & more

Here are the companies making headlines in midday trading. Principal Financial Group — The financial services company lost 4% after Bank of America cut its rating to underperform from neutral. "Our downgrade comes with an expectation of decelerating operating income growth in the next 12 months following a period of significant multiple valuation increases," analyst Joshua Shanker wrote in a report Wednesday. "Healthy operating growth in the recent past appears to be waning in our forecasts (despite being ahead of consensus)." Energy stocks — The energy sector of the S & P 500 fell 2% as West Texas Intermediate crude futures briefly slipped as low as $69.63 a barrel while oil tankers continued their passage through the Strait of Hormuz. APA Corp , Halliburton and ConocoPhillips declined more than 3%. Exxon Mobil and Chevron each slid more than 2%. Travel stocks — Companies related to the travel industry saw shares rise as oil prices tumbled. Expedia Group added 9%, while Booking Holdings gained 8%. Cruise operators Carnival and Royal Caribbean rose 2% and 5%, respectively. Delta Air Lines climbed about 4%, while United Airlines rose 6%. Alphabet — The Google parent gained 1% after S & P Dow Jones Indices said that Alphabet would replace Verizon in the Dow Jones Industrial Average. The change, which will kick in before trading opens on June 29 , adds to the index's exposure to mega-cap tech. Verizon fell 2%. …