The broader stock market soared on Monday after drugmaker Pfizer said that an early look at data from its coronavirus vaccine shows it’s more than 90 percent effective. However, the majority of stocks in the active lifestyle space that have thrived amid the pandemic, including Peloton, saw sharp declines.
Shares of Peloton, which strongly benefited from the at-home fitness trend as households have been quarantining, fell $25.45 on Monday to $100.01. Shares still have more than tripled since starting 2020 at $28.40.
Nautilus Inc. closed at $21.86, down $5.94.
Other Stocks In The Active Outdoor Market To Take A Hit On Monday’s Accouncement Include:
- Deckers Outdoor, closing at $254.76, down $15.53;
- Crocs, $55.25, off $3.08;
- Yeti Holdings, $51.45, down $7.30;
- Fox Factory Holding Corp., $83.48, down $13.84; and
- Johnson Outdoors, $85.18, off $5.30.
Many of these stocks had been bid up as they’ve benefited from greater interest in outdoor activities — including cycling, running and hiking — that are seen as safer for social distancing.
In The Hunt Space:
- Smith & Wesson closed at $15.81, down $1.71
- Sturm, Ruger & Company closed the day at $63.67, off $5.05;
- Vista Outdoor Inc., which owns outdoor Camelbak, Bell and Camp Chef as well as an ammunition business, was down $3.15 to $20.35; and
- Escalade Inc., which owns outdoor games that have flourished during the stay-at-home trend, closed at $17.76, down $4.10.
Retailers overall fared better but sports-oriented retail stocks all lost ground after seeing strong gains earlier in the year due to a strong uptick in sales during the pandemic.
- Lululemon Athletica closed at $326.96, down $16.84;
- Dick’s Sporting Goods, $52.61, down $3.94;
- Big 5 Sporting Goods, $7.71, off $1.41;
- Academy Sports and Outdoors, $16.19, down $1.31;
- Hibbett Sports, $37.65, off $1.72;
- Camping World Holdings, $24.22, down $4.09; and
- Sportsman’s Warehouse Holdings, $13.58, off 56 cents.
Amazon.com, the biggest beneficiary from the shift to online spending as the world’s largest online selling platform, closed at $3,143.74, off $167.63.
Most retail stocks were up with the potential arrival of the vaccine set to remove restrictions and safety concerns about in-store shopping.
The biggest gains were seen by off-pricers that don’t have much of an online presence. The TJX Companies closed at $60.90, up $6.96; Burlington Stores, $236.40, up $35.60; and Ross Stores, $107.82, ahead 14.52.
Other notable gainers among retailers include:
- Zumiez Inc., $35.12, up $5.18;
- Foot Locker, $39.71, up $2.65;
- Genesco, the parent of Journeys, $23.24, up $3.73;
- Shoe Carnival, $37.07, ahead $3.70;
- Macy’s, $7.70, up $1.13;
- The Gap, $23.06, up $1.63;
- Kohl’s Corporation, $25.84, $4.30; and
- Nordstrom, $16.16, up $3.32.
Vail Resorts, which has seen sales tumble with resorts forced to close, closed Monday at $269.85, recovering $26.88.
The Dow Jones Industrial Average and S&P 500 both set intraday records in the session’s early moments after news arrived that a vaccine developed by Pfizer and partner BioNTech proved better than expected in a pivotal study, a milestone in the hunt for shots that can stop the global pandemic. Pfizer said it is on track to ask health regulators for permission to sell the shot before the end of this month if pending data indicate the vaccine is safe. Clarity around the results of the presidential election also helped fuel a market rally.
The Dow ended the day up 834.57 points, or 2.9 percent, at 29157.97, its highest close since February. The S&P 500 rose 41.06 points, or 1.2 percent, to 3550.50, it second-highest close in history.