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Here's the Unexpected Reason Shopify Is Plummeting Today

TheMotleyFool

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Here's the Unexpected Reason Shopify Is Plummeting Today

Shares of Shopify (NYSE: SHOP) are falling in today's trading. The company's share price was down roughly 9.5% as of 11:15 a.m. ET on Wednesday.

There isn't any fresh business-specific news that should be prompting investors to sell out of Shopify stock, but the company's share price is being negatively impacted by recent earnings results from another company that's considered a bellwether for the tech sector. Netflix (NASDAQ: NFLX) published its first-quarter results yesterday, and the shocking results prompted a wave of pullbacks for stocks that trade at growth-dependent valuations.

Image source: Getty Images.

Source Fool.com

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