Why These Fast Food Stocks Popped Monday Morning
Shares of Shake Shack (NYSE: SHAK), Restaurant Brands International (NYSE: QSR), and McDonald's (NYSE: MCD) popped over 22%, 11%, and 5%, respectively, early Monday morning after the markets absorbed news from Pfizer that its leading drug candidate was having major success against COVID-19.
Pfizer announced that its leading vaccine candidate was found to be more than 90% effective in preventing COVID-19 in trial participants who had no prior infection. The study had just over 43,000 participants, and Pfizer reported no serious safety concerns. Pfizer will now submit for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration after the next required safety milestone is achieved. That's anticipated to happen in the third week of November.
"Today is a great day for science and humanity," Albert Bourla, Pfizer chairman and CEO, said in a press release Monday. "The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent COVID-19. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen."
Source Fool.com
