Netflix's Terrible Results Are Crushing Growth Stocks: Is It Time to Buy Shopify?
Shopify (NYSE: SHOP) stock is getting crushed today, and a company in an unrelated industry is to blame. The e-commerce services provider's share price was down roughly 10.2% as of noon ET Wednesday.
Netflix (NASDAQ: NFLX) published its first-quarter results after the market closed yesterday, and the results were bad -- bad enough to trigger a major marketwide pullback for companies that trade at growth-dependent valuations. As of this writing, the streaming company's share price was down roughly 37% in the daily session.
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Source Fool.com
