Business Area: Retail | Invoice

Some spectacular performers are leading the way. Shares
of Novavax (NVAX), which is working on a coronavirus vaccine, have
skyrocketed 3,300% this year. BJ’s Wholesale Club (BJ), a Costco competitor,
has seen its stock rise 103% — more muted than Novavax, maybe, but still
impressive.

Still, success during a sharp recession hasn’t been universal. Many smaller
companies have less diverse sources of revenue, which leaves them more
exposed to the adverse effects of restrictions and lockdowns, Charles Day,
UBS managing director and private wealth adviser, told me.