Both the fitness subscription company and the video-conferencing software firm have slumped throughout 2022, building on losses from 2021 that came as the so-called stay-at-home trade began to unwind. Disappointing quarterly results from both last week underscored the difficulty they’re having in holding on to the robust demand they saw as millions worked — and worked out — from home.
The two are hardly the only Covid stocks that have seen sharp reversals from their pandemic-era heydays. Netflix Inc. and DocuSign Inc. are the two biggest Nasdaq 100 losers of the year, declining in the wake of disappointing results. Aggressive moves by the Federal Reserve to combat inflation have led investors to seek out companies with consistent growth or which pay dividends, and away from companies that aren’t profitable or where fast growth rates are cooling off. Last week, Fed Chair Jerome PowellIn another headwind to the valuation of growth stocks, the yield on the 10-year US Treasury note is above 3%, roughly double where it was at the start of the year.
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