Why Shares of Netflix, Peloton, and Zoom Plunged Today
Investors sold off stay-at-home stocks on Wednesday, following positive news on the COVID-19 vaccine front. By the close of trading, shares of Netflix (NASDAQ: NFLX), Peloton (NASDAQ: PTON), and Zoom Video Communications (NASDAQ: ZM) were down 5%, 8%, and 8%, respectively.
President Joe Biden said on Tuesday that the U.S. would have a sufficient supply of COVID-19 vaccines to inoculate every adult in the nation by the end of May. That's two months earlier than his previous projection.
Biden's accelerated timeline follows the U.S. Food and Drug Administration's decision to issue emergency use authorization to Johnson & Johnson for its single-shot coronavirus vaccine. J&J is working with its rival Merck to strengthen its manufacturing capabilities and accelerate the drug's rollout. "Extraordinary times take extraordinary efforts," J&J CEO Alex Gorsky said during an interview on CNBC yesterday.
Source Fool.com
