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Stocks are at all-time highs. Onetime pandemic-era winners are moving sharply in the other direction.

Why it matters: Stocks move for all types of reasons. But the declines reflect a shift that's sticking: At-home workouts and remote learning are out. Travel and gyms are in.

What's happening: "Folks are saying, 'Hey you know, I'm going back to the office two days a week, perhaps I should go back to my old gym routine,'" says Ross Klein, a fund manager at Changebridge Capital, which is invested in gym chain Planet Fitness.

What's new: As the world makes bigger reopening strides, stay-at-home companies are issuing fresh warnings that the good times are behind them. The former "losers" say recovery has arrived.

  • Take Peloton, which said last week the average number of times users work out with their at-home equipment each month fell again — a sign people are returning to gyms (or opting not to work out at all).
  • That same day, Planet Fitness reported the best quarterly member growth it's ever seen this time of year. Its stock hit a record high; Peloton's shed over a third of its value.

The bottom line: Investors are figuring out whether the lockdown winners will "have the sales in the future they had when people couldn't do anything else," says Cole Smead, a portfolio manager at Smead Capital Management.

  • Online education platform Chegg is among the latest to signal the answer is no: It warned sales will take a hit as students return to classrooms.

Go deeper

Tina Reed, author of Vitals
Nov 9, 2021 - Health

Axios-Ipsos poll: Americans are so over Delta

Illustration: Aïda Amer/Axios

Americans are increasingly likely to believe returning to normal life is only a low to moderate risk as Delta cases plummet, according to the latest installment of the Axios/Ipsos Coronavirus Index.

What they're saying: "Delta's over in the popular imagination," said Ipsos pollster and senior vice president Chris Jackson.

Updated 2 hours ago - Health

Massage, facial, pedicure... intravenous drip?

A salon on the Upper East Side of New York that offers IV drip therapies. Photo: Jennifer A. Kingson/Axios

IV drips — the kind you might get if you're rushed to the hospital — are trending as a spa treatment, thanks in part to endorsements by celebrities like Kim Kardashian and Madonna.

Why it matters: Like other "wellness" trends with a whiff of medical imprimatur, IV nutrient drips can be harmless or mildly restorative — or go awry, particularly in the wrong hands.

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.