Zoom, Peloton, and other 'stay-at-home' stocks tumble after Moderna's COVID-19 vaccine proves extremely effective
stocksincluding Zoomand Pelotontumbled on Monday after Modernarevealed its COVID-19 vaccinewas almost 95% effective in a late-stage trial.
- Fastly, Chegg, and other stocks that have at least partly benefited from the
- In contrast, airlines, cruise lines, manufacturers, and other "real economy" stocks jumped as investors wagered the vaccine would allow economies to reopen in a matter of months.
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Zoom, Peloton, and other "stay-at-home" stocks slumped on Monday as positive vaccine news dampened their growth prospects.Moderna's announcement that its COVID-19 vaccine proved 94.5% effective in a late-stage trial helped to drive Zoom shares down as much as 7%, and Peloton down as much as 5%.
As a result, cruise lines, airlines, and other companies that rely on people leaving their homes saw their shares jump in pre-market trading.The "big four" US airline stocks rose more than 3%. Cruise operators Carnival, Norwegian, and Royal Caribbean gained at least 7%. Boeing, Ford, General Electric, and other "real economy" stocks also climbed.
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