Why Pinterest, Shopify, Wix.com, and Square Dropped Today
Investors in Pinterest (NYSE: PINS), Shopify (NYSE: SHOP), Wix.com (NASDAQ: WIX), and Square (NYSE: SQ) are having a tough start to the week. Shares of all four of these tech stocks declined by double digits on Monday. Pinterest dropped 12%, Shopify slumped 11%, Square fell 10%, and Wix.com plunged 15%.
All four of these growth stocks sharply declined, but there doesn't appear to be any company-specific news that could justify the huge moves. None of these businesses issued a press release or SEC filing today, and none of them were on the receiving end of an analyst downgrade, either.
The lack of news suggests that all of these stocks simply got caught up in the market plunge today that was triggered by the continued spread of the coronavirus and the chaos in the global oil markets.
Source Fool.com
