Drugmaker Pfizer’s shares jump 8% — but far larger gains were found in companies hard-hit by pandemic-related business limitations.
Vaccine’s promise changes traders’ bets on Wall Street (STAFF GRAPHIC)Daily stock market gyrations should be taken with a dose of skepticism but Wall Street on Monday, Nov.9, offered a window into what industries could be helped — and hurt — by a possible return to pre-pandemic life. News that Pfizer’s test vaccine proved safe and 90% effective in its latest trials boosted the drugmaker’s shares 8% Yet but far larger gains were found in companies far removed from medicine that have been hard-hit by pandemic-related business limitations. Why? A potential end to economic fallout — plus Joe Biden becoming president-elect over the weekend — gave traders the courage to change their bets. For one trading session, at least, they bought coronavirus losers and sold businesses that had been pandemic winners. Take entertainment giant Walt Disney Co., as an example. The pandemic has hammered its bottom line as the masses stay away from theme parks and movie theaters. The Disneyland owner’s shares rose 12% as competitors Universal rose 5%; and Cedar Fair, owners of Knott’s Berry Farm, rose 24%.
