KUALA LUMPUR (Nov 25): Some of the stocks of companies that rode the wave of the coronavirus pandemic and surged to stratospheric levels are now tumbling, data showed.
In a report on Tuesday (Nov 22), Crunchbase — which tracks trends, investments and news of global companies from start-ups to the Fortune 1000 — said things look a little different as 2022 nears its end.
The firm said the world is entering its third Covid-19 winter and many of the companies whose share prices surged during the pandemic have seen those stocks come tumbling back.
Zoom
The firm said shares in the video conferencing platform Zoom have fallen about 90% since their pandemic peak in October 2020.
Shares fell about 10% just on Tuesday after the company cut its annual sales forecast and posted slowing growth numbers.
Peloton Interactive
Shares in Peloton were riding high in December 2020, when they peaked around US$152 (RM677.92). But the pandemic fuel had worn off less than a year later, and shares are currently trading around US$10.
Netflix
Shares in the streaming giant hit a pandemic high of around US$690 in October 2021 as viewers curled up to binge-watch their favourite shows.
The stock is now trading at about half of that as viewers’ attention is divided with plenty of streaming options from Apple, HBO, Hulu and others.
Domino’s Pizza
Shares in Domino’s hit their pandemic high in late December 2021 at around US$564, but are now trading around $376 — down about a third.
Carvana
Shares in used-car marketplace Carvana hit an all-time high in August 2021 as used-car prices soared amid a global chip shortage that in turn prompted a shortfall of new cars. Now, Carvana shares are trading at an all-time low as used-car prices fall.
Moderna Therapeutics
Shares in Moderna peaked in September 2021, when the Covid-19 vaccine maker was still benefiting from people lining up to be jabbed.
Although the company has said its latest boosters are more effective against the Omicron variant than the original vaccine, not that many people are clamoring to get the latest shots.
Moderna shares are trading about 60% below their pandemic high.