The coronavirus is leading to shutdowns of all types of activities that will certainly put a crimp on economic activity. There will be knock-on effects in terms of companies unable to make payroll and pay back obligations. This will have an effect on workers, demand for public services, and banks who hold debt. Of course, this will have effects on consumer spending and lending.

There will be considerable economic damage, but it will also create opportunities for certain stocks. It's expected that social distancing protocols may continue for many months, and these stocks may benefit:

Chegg

Chegg (CHGG  ) is one of the standout performers in the last leg of the previous bull market as it climbed from under $5 in early 2016 to $48 in mid-2019. Chegg started out as an online textbook vendor, specializing in used sales. In recent years, it's become an online platform and become more of an online education play.

Thus, it's seeing rapid growth and high margins and is poised to benefit from the current trend in online education. It's also showing relative strength in that the stock is not making a lower low like nearly every other stock in the market.

Teladoc

Teladoc (TDOC  ) is a telemedicine company that is seeing spikes in demand due to the coronavirus. The healthcare system is seeing a surge in demand and telemedicine is one way to increase supply. The company anticipates that nearly a third of doctor visits and 80% of behavioral health care which includes mental health could be fulfilled by telemedicine. It would be quicker, more convenient, and cheaper.

The company's stock is up more than 1,000% since early 2016. It's certainly expensive by traditional valuation metrics as it has an $8 billion market cap with just over $500 million in sales. It's one of the few stocks that was attempting to break out to new highs during these market conditions. Although it has given back a portion of recent gains, it remains more than 100% above its 52-week lows, while most stocks are currently at or near their 52-week lows.