By Emily Bary
DocuSign, Roku, Upwork shares also falling
Shares of stocks that benefitted from stay-at-home trends are falling again Monday after Moderna Inc. put out a news release saying that its COVID-19 vaccine candidate was found to be 94.5% effective in a Phase 3 trial.
See more: Moderna shares soar premarket after COVID-19 vaccine candidate achieves 94.5% efficacy in Phase 3 trial ()
Among the biggest decliners in Monday's premarket trading are Zoom Video Communications Inc. (ZM), off 6%, and Peloton Interactive Inc. (PTON), off 4%. Both companies have been strong beneficiaries as people spent more time at home, with Zoom enjoying booming usage of its video-conferencing software and Peloton reporting surging sales of its connected exercise equipment, to the point where the company is having trouble meeting demand ( ).
Other names declining in premarket trading Monday include DocuSign Inc. (DOCU), which lets businesses and individuals collect remote signatures on legal documents, as well as Fiverr International Ltd. (FVRR) and Upwork Inc. (UPWK), both of which provide platforms for those seeking freelance work. DocuSign and Upwork shares are each down 2.3%, while Fiverr's U.S.-listed shares are off 6%.
Social-media names that saw success over the past few months are also down, including Snap Inc. (SNAP), off 2.2%, and Pinterest Inc. (PINS), off 3.9%. Snap positioned its Snapchat service as a place where friends could still connect despite distancing restrictions in the real world, and Pinterest offered inspiration for home improvement and other projects () that people could do while confined to their houses.
Moderna's (MRNA) announcement is the latest piece of upbeat news on the COVID-19 vaccine front, after Pfizer Inc. and BioNTech SE disclosed last week that their own COVID-19 vaccine candidate had an efficacy rate of 90% in its Phase 3 clinical trial (). The stay-at-home stocks came under pressure after the Pfizer and BioNTech announcement as well ( ).
While stay-home names are taking a hit after the Moderna announcement, the news is giving a boost to other sectors, including retailers like Nordstrom Inc. (JWN) and Macy's Inc. (M), as well as cruise stocks Royal Caribbean Group (RCL) and Carnival Corp. (CCL) and theater names like AMC Entertainment Holdings Inc. (AMC) and Cinemark Holdings Inc. (CNK)
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 16, 2020 08:31 ET (13:31 GMT)
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