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Author: Alan LittleDate: 2020-11-11

EasyJet (EZJ) up 31%, Zoom (ZM) down 20% as vaccine shakes stock markets

Rolls-Royce (RR) and easyJet (EZJ) both made huge gains, while Zoom (ZM) and Peloton (PTON) slumped in trading on Monday after pharma company Pfizer (PFE) announced that its coronavirus vaccine was 90% effective in testing.

Pfizer said that it expects to produce up to 1.3bn doses of the COVID-19 drug candidate in 2021, pending approval by regulators, after a Phase III trial showed very promising results.

News of a potential breakthrough in a vaccine paved the way for a stock market surge on Monday as the Dow Jones Industrial Average advanced to an all-time intraday high, while the S&P 500 hit similar peaks.

Pfizer saw a 9.64% jump in shares early on, but the news reverberated across certain sectors.

Investors were also buoyed by greater certainty around the US presidential election and a recent string of quarterly beats for large corporations.

UK travel firms were among those to benefit, with British Airways owner IAG rising 35%, easyJet soaring 31% and Rolls-Royce climbing 45%.

It wasn’t such a good day for companies that thrived during the stay-at-home measures related to the pandemic.

Peloton, the exercise equipment and media company, plummeted 20%.

Zoom captured the zeitgeist this year with its cloud-based communication app and software, but it fell 16% early on Monday.

Takeaway company Just Eat also retreated 7%.

Analysts are confident that a ‘bull market’ is now set to run for some time, with E*Trade managing director Chris Larkin claiming that “there is little to hold us back”.

He added: “Keep in mind that when you remove the virus from the equation, we are set up tremendously well for growth given the unprecedented easy money policies of the (Federal Reserve)”.

Larkin believes that investors will see opportunities in energy, healthcare and other sectors in the coming months and that traders will be carefully plotting moves heading into the new year.


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