Why Newegg Commerce Is Falling Hard While the Market is Rising
Shares of Newegg Commerce (NASDAQ: NEGG) had fallen more than 16% by noon on Monday, continuing the pullback from the highs that the online consumer-tech retailer reached last week as options trading became available on the recent IPO, but were in short supply.
Newegg is a top online destination for computer components, consumer electronics, peripherals, and smart-home and gaming products. The company just went public via a reverse merger with a special purpose acquisition company, or SPAC. It seemed to garner meme stock status almost immediately, and it soared over 1,000% very quickly.
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Source Fool.com
