(Business Insider) – Peloton shares fell by as much as 25% on Monday following drugmaker Pfizer’s announcement that its trial COVID-19 vaccine had a 90% efficacy rate in preventing infection.
A number of so-called stay-at-home stocks fell. A COVID-19 vaccine could hit the bottom line of companies like Peloton if consumers can safely return to public exercise spaces. Meanwhile, the likes of airlines and crude oil rallied sharply on the prospect that travel could pick up.
Meanwhile, Pfizer surged 13% at intraday highs on Monday.
The exercise equipment company thrived during the coronavirus pandemic, as lockdowns and restrictions on exercise outside the home drove people to its premium bike and treadmill products after gyms were forced to close. The surge was realized in its tripled quarterly results in early November, when Peloton reported a fiscal first-quarter sales growth of 232%, surpassing both internal and Wall Street expectations.