Stay-at-Home Stocks Rallied on Monday while Others Dropped on Coronavirus Cases Surge

UTC by Steve Muchoki · 3 min read
Stay-at-Home Stocks Rallied on Monday while Others Dropped on Coronavirus Cases Surge
Photo: Depositphotos

As the stock market opened yesterday, stay-at-home stocks like Netflix (NFLX), Amazon (AMZN), Zoom Video Communication (ZM) rallied as the coronavirus spiked in the U.S. and abroad, giving an impression of a possible new infection rate.

On Monday, June 23, stay-at-home stocks opened the week with a positive note as they rallied on presumably what is seen as a possible new wave of coronavirus globally, especially in the United States. As of today at the time of reporting, the reported number of coronavirus cases globally stood at 9,202,605, with the fatalities summing up to 474,668, whereby the graph continues to rise exponentially.

Leading stay at home stocks rallied, whereas other stocks from industries that have been negatively affected by the pandemic experienced a pullback.

Stay-at-home Stocks Report

Shares from American media-services provider, Netflix Inc (NASDAQ: NFLX) closed the day with a 3.16% change to trade at $468.04 and they are 0.84% up in the pre-market to trade around $471.98.

Netflix has seen its shares grow 44.65% YTD, 30% in the past three months, and 7.32% in the last five days. Wall Street traders anticipate the shares from the company to continue rising amid the pandemic, however, delays in different show releases might hamper its popularity which might spell doom in the near future.

On the other hand, Amazon.com Inc  (NASDAQ: AMZN) stock closed the day with a 1.45% change to trade at $2,713.82 and are up 0.66% in the pre-market to trade around $2,731.80. Despite the increasing competition from other home deliveries, the company continues thriving significantly in the market turmoil.

Another winner of the day was Zoom Video Communications Inc (NASDAQ: ZM) stock that saw its rise by 3.20% to trade at $251.27 and they are up 1.08% in the pre-market to trade around $253.99. With the company striving to improve on its app security system, its valuation is set to skyrocket in the coming weeks and months if the cases of coronavirus continue rising by the day.

Day Losers

Among the losers of the day included the airline industry and the automotive industry that has severely felt the coronavirus impact. Shares from American Airlines Group Inc (NASDAQ: AAL) closed yesterday with a 6.75% loss to trade at $14.92 and they are 5.43% down in the pre-market to trade at around $14.11.

Other airlines like Southwest Airlines Co (NYSE: LUV) stock dropped 0.55% to trade at $34.36, however, they are up 1.28% in the pre-market to trade around $34.80. A similar case is observed with Delta Air Lines Inc (NYSE: DAL) shares that dropped 0.68% to close at $29.31 but are up by 0.89% in the pre-market.

Automotive car industries like General Motors Co (NYSE: GM) registered a 0.83% drop to close the day at $26.37, but are up 0.38% in the pre-market. Tesla Inc (NASDAQ: TSLA) shares dropped 0.66% to end the day at $994.32 but are up 0.77% in the pre-market.

Business News, Cryptocurrency news, Market News, News, Stocks
Steve Muchoki
Author Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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