- Since the COVID-19 pandemic low in the S&P 500 on March 23, stocks have surged, with the index rallying 52% as of Wednesday afternoon trades.
- The Nasdaq 100 index has posted an even larger gain of 65% since its March 23 low, as the pandemic and ensuing work-from-home trend supercharged business for many technology and healthcare-centric companies.
- These three stocks have outpaced the Nasdaq by a long shot, each posting gains of more than 1,000% since the March 23 low in the stock market: Overstock, Wayfair, and Novavax.
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The COVID-19 pandemic has wreaked havoc on businesses across the country, as rolling economic shutdowns and stay-at-home orders severely limited the ability for people to transact in person.
At the same time, some businesses have immensely benefited from the impact of the pandemic, as spending for goods has increasingly shifted from physical retail to ecommerce due to consumers limiting their trips to stores to curb the spread of the virus.
Additionally, pharmaceutical companies have seen a surge in activity as they race to develop a treatment or vaccine for the coronavirus, with some even receiving grants from the government.
For some companies, this surge in business has led to a surge in stock prices that has far outpaced the overall stock market.
Since the COVID-19 pandemic low on March 23, stocks have surged, with the S&P 500 rallying 52%, and the Nasdaq 100 rallying 65% as of Wednesday afternoon.
Here are three stocks that has seen share gains of more than 1,000% since the March 23 market low.
*Price gains are based off of the low of March 23.
1. Wayfair: 1,056%
Shares of Wayfair have surged as much as 1,056% since their low of $US26.25 on March 23. The firm has seen a surge in business due to two trends: a boom in ecommerce and an increase in home improvement projects as people look to upgrade their homes due to spending more time in them amid the pandemic. Wayfair said sales nearly doubled during the month of April in its first quarter earnings report, helping send shares higher.
Shares of Wayfair are up 235% year-to-date. Since March 23, accounts on Robinhood that own shares of Wayfair jumped by 54%.
2. Novavax: 1,788%
Shares of Novavax have surged as much as 1,788% since their lows of $US10.03 on March 23. The biotech firm is working on a vaccine for COVID-19, and shared a positive phase 2 update on Tuesday, which sent shares surging. Novavax was also awarded a $US1.6 billion grant from the US government, boosting its stock gains.
Shares of Novavax are up 4,658% year-to-date. Since March 23, accounts on Robinhood that own shares of Novavax jumped by 116%.
3. Overstock: 2,354%
Shares of Overstock have surged as much as 2,354% since their low of $US3.79 on March 23. The ecommerce firm posted better-than-expected second quarter earnings on July 30, helping send shares higher as the company benefits from accelerating ecommerce trends. The firm has also benefited from the rally in cryptocurrency, as Overstock has exposure to that sector as well.
Shares of Overstock are up 1,218% year to date. Since March 23, accounts on Robinhood that own shares of Overstock jumped by 86%.
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