Shares of Zoom and other IT companies crashed on news of successful testing of the vaccine from COVID-19

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Shares of Zoom and other IT companies crashed on news of successful testing of the vaccine from COVID-19

12.11.2020 News

Shares of Zoom and other companies, which rose amid the pandemic and lockdown, fell in trading on Monday. The reason was the announcement of two biotechnology companies about the successful testing of a promising vaccine, writes CNBC.

Shares of the Zoom video conferencing service fell 17.4% by the end of the trading day. Amazon and Netflix, which also benefit from the fact that their customers and viewers stay at home longer, lost 5.1% and 8.6%, respectively. Shares of Shopify online stores fell by 13.6%.

The German company BioNTech and the American Pfizer announced that their joint coronavirus vaccine has shown 90% effectiveness in preventing the disease. Scientists hoped to reach at least 75%, and American experts called an acceptable result of 50-60%.

Prior to the opening of yesterday’s trading, Zoom shares have risen by 63.5% since the beginning of 2020. Amazon for the first ten months of the year grew by 79.2%, Netflix – by 59.1%, Shopify – by 162.8%. Investors’ interest in companies has been fueled by the pandemic and the fact that many people are forced to look for ways to have fun and socialize without leaving home.

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