LYV - Here's Why Live Nation TripAdvisor and Middleby Stocks Are Soaring Today
Many consumer-oriented stocks rose dramatically on Monday due to promising results from an early coronavirus vaccine trial. The news lifted stock prices across sector lines and industries as investors jumped to bullish conclusions. For example, travel services specialist TripAdvisor (NASDAQ: TRIP) traded 14.6% higher at 12:10 p.m. EDT, while Ticketmaster parent Live Nation Entertainment (NYSE: LYV) reached a peak gain of 18.3% 45 minutes earlier, and restaurant equipment maker Middleby (NASDAQ: MIDD) posted a 9.9% increase at 9.50 a.m. EDT.
Quick access to an effective coronavirus vaccine would be great news for all of these companies.
Operating under these Swords of Damocles, investors are looking for any sign of progress toward a solid vaccine, an effective treatment method for active COVID-19 cases, or any other event that would open the world to normal operations again. Today's positive trial results from coronavirus vaccine researcher Moderna (NASDAQ: MRNA) is a good example of investors looking for signs of normality.