11/26/2021, 3:49 PM (Source: TeleTrader)
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Zoom surges 8% on new COVID variant

Shares of Zoom Video Communications soared more than 8% on Friday as investors expected more people to switch to remote work after the detection of a new COVID-19 strain in South Africa.

According to South African scientists, the new strain has a large number of mutations and vaccines could be ineffective against it. Meanwhile, a number of countries banned travel from several African countries due to the emergence of the variant and cases of the new strain have already been confirmed in several countries outside Africa, including Belgium and Israel.

Zoom's stock rallied 7.60% to $224.125 at 9:48 am ET, minutes after hitting a session high of $235.97.

Baha Breaking the News (BBN) / NP