Zoom Video stock fell as names benefitting from people staying at home due to the coronavirus pandemic came under pressure by the vaccine news.
by Fred Imbert
Shares of Zoom Video fell sharply Monday as names benefitting from people staying at home due to the coronavirus pandemic lost their appeal following the release of positive coronavirus vaccine data.
Zoom Video closed 17.4% lower. Fellow “stay-at-home” stocks Amazon and Netflix dropped 5.1% and 8.6%, respectively. Teladoc Health slid 13.7% and Shopify declined by 13.6%.
The losses came after Pfizer and BioNTech reported that their coronavirus vaccine candidate showed a 90% efficacy rate in preventing infections during a late-stage trial. Scientists were hoping for a vaccine that was at least 75% effective. White House coronavirus advisor Dr. Anthony Fauci had said a vaccine that is 50% or 60% effective would be acceptable.