Shares of companies that have benefited from the pandemic -- including Zoom, Peloton, Netflix and Amazon --tanked after Pfizer revealed that it is getting closer to a coronavirus vaccine.
Shares of companies that have benefited from the pandemic — including Zoom, Peloton, Netflix and Amazon –tanked after Pfizer revealed that it is getting closer to a coronavirus vaccine that could let people get back to the office.
The popular video-conferencing software provider Zoom plummeted more than 16 percent following the Monday announcement, as the realization set in that its pandemic-fueled joyride may be coming to an end.
The stay-at-home-stock is up more than 365 percent since March, when COVID-19 descended on the United States and schools, offices and book clubs pivoted to Zoom. But Pfizer’s vaccine is a major milestone against the virus, with the company saying it is more than 90 percent effective.
“Today is a great day for science and humanity,” Pfizer CEO Albert Bourla said in a statement. “With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis.”
Zoom wasn’t alone in getting sold off by investors in the wake of the positive vaccine news, however. Netflix, which has benefitted from a largely captive, bored audience of viewers stuck in their homes since the spring, was down 5.6 percent Monday morning as a result of the announcement.
Popular exercise bike maker Peloton — which has been riding the gravy train for months with gyms shut down across the country — was also down 15 percent on the news, while workplace software company Slack slipped 3.5 percent in early morning trading.
Amazon, which has seen orders skyrocket as shoppers have been kept from visiting brick-and-mortar stores by the pandemic, was also down 3 percent.
Zoom is set to open Monday trading down 15 percent, at $425.16.