AVIR - Hot Stocks: MRK weighs on COVID competitors boosts leisure stocks; SPIR latest SPAC victim
Welcome to the "Merck Cures COVID!" edition of Hot Stocks. Of course, the drug maker didn't actually cure the disease. But it did release blockbuster clinical-trial data for an anti-COVID pill that contributed to an overall Wall Street rally. Many segments of the market took the MRK announcement as a crucial turning point toward finally ending the pandemic. MRK's own stock rallied on the news, ending the day up 8% and setting a record in the process. However, the trial data's market effect didn't end with a single stock's performance. Rather, it carried over to many other parts of the market. To begin with, companies working on similar therapies saw added strength. For example, Atea Pharmaceuticals (NASDAQ:AVIR) expanded its value by nearly a fifth on raised hopes for its own oral COVID treatment. The MRK effect also carried over to non-drug-related industries. Investors in entertainment, leisure and restaurant stocks breathed a
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Hot Stocks: MRK weighs on COVID competitors, boosts leisure stocks; SPIR latest SPAC victim