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Data: Yahoo; Chart: Axios Visuals

Sports stocks surged on Monday after Pfizer announced promising, though early, findings about the effectiveness of its COVID-19 vaccine.

Details: Live event stocks, which got crushed in the spring when sports and concert venues were shut down or left empty, were some of the biggest gainers.

  • Live Nation, which owns Ticketmaster, jumped 23% midday to $68.87 — its largest one-day advance in at least 12 years. It closed at $64.36 (+14.85%).

The other side: Sports-related companies that benefit from people staying inside tumbled.

  • Take-Two Interactive, which publishes the "NBA 2K" video game franchise, sank more than 8%.
  • Collectors Universe, which saw its stock price jump this summer thanks to the trading card boom, plunged 10%.

The state of play: Pfizer says its vaccine was effective in over 90% of uninfected clinical trail patients.

  • Still, "in the beginning, it is clear that there will be more limited distribution," CEO Albert Bourla said on Monday's Axios Re:Cap podcast.
  • "50 million doses is 25 million people globally. Even if half goes to the U.S., that means that it's going to be 12 million people that we can protect in the next 1.5 months."
  • "Very important protection, but still a small part of the population."

The big picture: Investors spent Monday buying into areas like live events and selling off hunker-at-home companies, "but the future is most likely to be a mixture of the old and the new," Axios' Dan Primack writes.

The bottom line: The Pfizer vaccine is a giant and welcome development, but it's not a silver bullet.

🎧 Listen: Full Bourla interview (Axios)

Go deeper

Dion Rabouin, author of Markets
Jan 29, 2021 - Economy & Business

Making sense of the GameStop circus

Illustration: Aïda Amer/Axios

It's probably fair to say that Thursday was one of the crazier days in the history of financial news.

What happened: Robinhood, which has become synonymous with retail trading and the parabolic rise of stocks like GameStop and Tesla, shut down the ability of its users to buy (but not to sell) some of the platform's most popular names.

Updated Jan 28, 2021 - Economy & Business

Senate panel to hold hearing after high-flying Reddit stocks cause Wall Street chaos

Major trading platforms including Robinhood, TD Ameritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

The latest: Senate Banking Committee Chair Sherrod Brown (D-Ohio) announced Thursday that he plans to hold a hearing on "the current state of the stock market" in response to this week's volatility.

Updated 2 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.