Zoom, Peloton lead stay-home tech selloff after upbeat Pfizer vaccine announcement

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GreenGro Technologies, Inc. (GreenGro) provides green technologies focusing on indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. The Company provides manufacturing and sale of vertical cultivation systems and facilities design. Its operating divisions include GRNH, Vertical Hydrogarden, Inc. (VHI) and BP Gardens. GRNH provides design and consulting services to all agricultural divisions, including legalized Cannabis operations. It provides knowledge on designs and systems to maximize production for every crop cycle. VHI is a supplier of green agriculture products, including hydroponics, advanced nutrients, and vertical cultivation technology systems design and sales. VHI also offers leasing and finance solutions, operational and maintenance consulting, and planning services. BP Gardens uses methods to protect crops from detrimental environmental elements while generating market ready leafy green produce year-round in any climate.

Zoom, Peloton lead stay-home tech selloff after upbeat Pfizer vaccine announcement

9:19 am ET November 9, 2020 (MarketWatch) Print

By Emily Bary

Netflix, Etsy, GrubHub among other declining tech names

Shares of technology stocks that saw big benefits from stay-at-home trends due to the pandemic are falling in premarket trading Monday given upbeat vaccine news from Pfizer Inc. and BioNTech SE.

Zoom Video Communications Inc. (ZM) and Peloton Interactive Inc. (PTON) are among the biggest losers in premarket trading Monday, with Zoom's stock down more than 12% and Peloton's off more than 13%. The declines come after Pfizer (PFE) and BioNTech (BNTX) announced that their COVID-19 vaccine candidate was found to be more than 90% effective in preventing COVID-19, which is sparking a strong rally for the broader market amid hope that the vaccine can prompt a return of normal economic activity.

Dow Jones Industrial Average futures are up 1550 points Monday, or 5.5%, while S&P 500 futures are up 151 points, or 4.3%. Nasdaq-100 futures are up 68 points, or 0.6%.

Other tech names struggling in Monday's premarket trading include Etsy Inc. (ETSY), down 10.5%, GrubHub Inc. (GRUB), down 8%, and Netflix Inc. (NFLX) down 5.6%. Etsy has seen strong demand for homemade masks, while GrubHub benefitted from rising interest in takeout orders given limited seating capacity at restaurants. Netflix was able to capitalize on a dearth of other entertainment options as the pandemic forced movie theater closures, production halts, and sports cancellations.

Shares of PayPal Holdings Inc. (PYPL), another big winner during the pandemic, are off 3.8%. The COVID-19 crisis helped drive record performance for PayPal as more people shopped online and looked for digital ways to pay friends, service workers, and charities.

Video game stocks are also down. Shares of Activision Blizzard Inc. (ATVI) are off 3.9%, shares of Electronic Arts Inc. (EA) are off 2%, and shares of Take-Two Interactive Software Inc. (TTWO) are down 4.5%. Like Netflix, the video game industry also benefitted from greater interest in forms of entertainment that could be enjoyed within the home.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

November 09, 2020 09:19 ET (14:19 GMT)