Internet stocks, food delivery companies and online retailers are paying a heavy price for any earnings disappointment.

Companies from Asos Plc to Zalando SE and Logitech International SA have all suffered steep stock-market losses in Europe after their results in the past month. It’s a fact that makes companies with sky-high valuations look increasingly volatile, and shows that investors are less willing to buy growth at any cost.

The rocky performance also sharpens the distinction between stocks that can be called pandemic winners and everything else in the market. For most European companies, it’s been a tremendous earnings season and “beat and raise” looks like the norm, helping drive the Stoxx Europe 600 Index to its best week since March. But for the few stocks that were wildly popular during lockdown, extreme valuations are taking a toll.

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