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.
Image source: Getty Images
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?
It isn't just Redbubble that is under pressure. Fellow ecommerce companies Kogan.com Ltd (ASX: KGN) and Temple & Webster Group Ltd (ASX: TPW) have also fallen very heavily during morning trade.
At the time of writing, the Kogan share price is down 10% and the Temple & Webster share price is down 20%.
Other COVID-winners such as Afterpay Limited (ASX: APT), Ansell Limited (ASX: ANN), Domino's Pizza Enterprises Ltd (ASX: DMP) and NEXTDC Ltd (ASX: NXT) are also tumbling notably lower on Tuesday.
COVID-losers rebound.
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.
