Lockdown Winners Fade as Reopen Trade Roars After Covid Data
- Vaccine hopes send Zoom, Peloton tumbling the most ever
- Investors start to rotate to shares such as airlines, cruises
This article is for subscribers only.
Investors cashed out of companies that benefited from virus-induced lockdowns after promising results for a Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE reawakened hopes that a return to normal is on the horizon.
Zoom Video Communications Inc. plunged as much as 20%, the most on record, while Peloton Interactive Inc. dropped 25%, a record of its own, and Netflix Inc. dropped 9.2% as investors piled into risk assets and dumped shares of firms that have been winners during global lockdowns. The Nasdaq 100 edged higher but markedly underperformed other key gauges like the S&P 500.