Stocks are falling as the latest news on Covid-19 vaccines appeared disappointing, and shares that were previously heavily shorted continued their run-up.
(ticker: NVAX) said its vaccine is about 90% effective, but that it works less well against the virus strain in South Africa. The stock rose 58%.
Johnson & Johnson
(JNJ) said its vaccine is just 66% effective at preventing moderate to severe coronavirus, but that it is 100% effective in preventing hospitalizations and death 28 days after it is administered. The stock fell 3%, while losses in the broader market deepened in an apparent response to the news.
(AMC) rose 75% and 38%, respectively. If a short squeeze is indeed on again, short sellers may be continuing to cover their positions by selling out of long positions elsewhere, putting strain on the broader market.
Here were some other notable movers:
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