I was puzzled to see that Zoom Communications (ZM) went rocketing higher after hours. I don’t have a position, but intuitively I’d figure that Zoom, like Peloton, would be just withering away. The world make sense shortly thereafter when ZM reversed and plunged during the same after-hours session.
My overarching theory (besides the fact that everything with a ticker symbol is going to get obliterated) is that, to use my term, the Accidental Beneficiaries of Covid (ABC) stocks are going to get especially wiped out. I mean, who the hell wants to hang out on Zoom calls? The answer: nobody.
Peloton seems to be ahead of the game, as they have lost 70% of their value, and I’m sure there’s more to come.
In the end, the dorks who bought into this nonsense will be of the same disposition.
