Here’s why the Redbubble Ltd (ASX:RBL) share price is crashing 20% lower and these shares are storming higher on Tuesday…
The post Why the Redbubble (ASX:RBL) share price has crashed 20% lower today appeared first on Motley Fool Australia. –
The market may be flying higher on Tuesday but the same cannot be said for the Redbubble Ltd (ASX: RBL) share price.
In morning trade the ecommerce company’s shares are down a massive 20% to $3.95.
Why is the Redbubble share price crashing lower?
On Tuesday investors have been selling the shares of companies that have been COVID-winners and switching into COVID-losers following the announcement of a potentially effective COVID-19 vaccine by Pfizer.
Overnight Pfizer announced the first set of results from its phase 3 COVID-19 vaccine trial, which provided the first evidence of its vaccine’s ability to prevent COVID-19 infections.
According to the release, the vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.
This is significantly better than expected and could mean a return to normality sooner than hoped.
“Today is a great day for science and humanity,” said Dr. Albert Bourla, Pfizer Chairman and CEO. I’m sure most readers would agree with this statement.
What else is happening?
At the time of writing, the Kogan share price is down 10% and the Temple & Webster share price is down 20%.
Money is piling into a large number of companies that have struggled through the pandemic, sending their shares hurtling higher today.
For example, COVID-losers such as Flight Centre Travel Group Ltd (ASX: FLT), Qantas Airways Limited (ASX: QAN), Scentre Group (ASX: SCG), and Sydney Airport Holdings Pty Ltd (ASX: SYD) have also recorded double digit gains today at the expense of Redbubble and co.
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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd and Temple & Webster Group Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Domino’s Pizza Enterprises Limited, Flight Centre Travel Group Limited, Kogan.com ltd, and Temple & Webster Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.