Zoom, Peloton shares rise on new Covid variant fears

Zoom, Peloton shares rise on new Covid variant fears

 

 

Zoom shares closed up 5.7% and Peloton stock closed up 5.6% Friday as concerns of a new Covid variant in South Africa tumbled markets.

 

Shares of Netflix and Roku, two other stay-at-home companies that have benefited from the pandemic, were up about 1.6% for the day.

 

Zoom and Peloton are still down 34% and 69% for the year, respectively, as people have returned to work, school and gyms.

The extent of the spread of the new variant is still unknown and it’s unclear what kind of impact, if any, it will have.

 

But, it’s a reversal from earlier in the month, after travel companies like Delta, Airbnb, Expedia pointed to clear signs of recovery in recent earnings reports and as stay-at-home stocks like Peloton, Zoom and Netflix declined amid indications that the Covid-19 pandemic end might come sooner than expected.

ALSO READ: Zoom shares slide 10% on slowing growth

 

Meanwhile, shares of companies that have benefitted from the reopening were down for the day among a broader market selloff.

 

Expedia closed down 9.4%.

 

Lyft, Airbnb and Uber stock fell more than 3%.

 

The S&P 500 dropped 2.3%, the Nasdaq composite slipped 2.3% on Friday.

 

The Dow Jones Industrial Average fell 2.5%, or 905 points, marking its worst day of the year.

About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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