The Shopify Split Is Just Days Away, but This Tiny Nasdaq Stock Is Soaring Right Now
The stock market has been on edge for months, and investors haven't gotten a lot of respite in the downdraft that has taken major market benchmarks lower enough to trigger official bear markets. Yet at least on Tuesday, it appeared market participants were a bit more upbeat about the potential for the global economy to withstand inflation, higher interest rates, and other pressures. As of 7 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) had risen 498 points to 30,367. S&P 500 (SNPINDEX: ^GSPC) futures had gained 69 points to 3,745, and Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had picked up 218 points to 11,515.
Shopify (NYSE: SHOP) is moving forward with a stock split in just over a week that has been in the works for a while now, and investors are hoping that the move will help the shares recover from a steep plunge from their recent highs. Meanwhile, though, many investors turned their attention for the first time to shares of a tiny Nasdaq-listed stock, which got some interest from a leading pharmaceutical giant.
Shopify shareholders recently approved a 10-for-1 stock split. With the meeting vote having been the last obstacle before the company could move forward, the schedule that the e-commerce platform provider adopted was relatively quick.
Source Fool.com
