Why Shopify, MercadoLibre, and Sea Limited Plunged Today
Shares of e-commerce stars Shopify (NYSE: SHOP), MercadoLibre (NASDAQ: MELI), and Sea Limited (NYSE: SE) were each down big in early trading Monday, declining 8.2%, 6.3%, and 7%, respectively, at 12:40 PM EDT.
The technology-heavy Nasdaq Composite was also down, but these e-commerce names were down much more, likely in preparation for this week's inflation report and what could be a brutal second-quarter earnings season for e-commerce generally.
June's inflation report on May's Consumer Price Index was a catalyst for the market to take another leg down last month, so it appears investors are nervous about this week's report, due out Wednesday morning. We are also getting closer to earnings season -- in which these three e-commerce companies will face a lot of headwinds.
Source Fool.com
