A year after Covid crash, pandemic losers are the new stock market winners

Travel firms and store operators rally on re-opening optimism; Zoom among stay-home winners to decline from peak valuations

Wall Street estimates haven’t budged for Zoom in months and the stock is trading around 27% below its 2020 peak. Amazon has flat-lined since September, with news of surging sales and profit eliciting shrugs from analysts.

There are similarities in Europe. Delivery Hero is about 16% below a January peak, while France’s Ubisoft Entertainment SA and UK online grocer Ocado Group Plc have fallen back after results failed to provide fresh catalysts.

But some of the region’s pandemic winners have continued to prosper, suggesting a more selective approach among investors. Payments firm Adyen NV, which surged over 160% in 2020, and Swedish