Why MercadoLibre, Sea Limited, and Chewy Stocks Continue to Tank
It's Tuesday, and e-commerce stocks are sinking again. For the second day in a row, shares of MercadoLibre (NASDAQ: MELI), the Argentine eBay, Sea Limited (NYSE: SE), its Singaporean peer, and Chewy (NYSE: CHWY) -- a somewhat more focused e-commerce play that caters to pet owners -- are dropping, down 5.4%, 4.4%, and 5.8%, respectively -- and apparently, on no relevant news.
Well, not no news, exactly. While there's a dearth of usual suspects today -- no analyst downgrades or price target cuts, no bad earnings reports, nor preannouncements of same -- e-commerce stocks continue to suffer the ill effects of Pfizer's announcement yesterday that its coronavirus vaccine candidate is 90% effective.
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Source Fool.com
