Why Shopify, Sea, and MercadoLibre Stocks Crashed Today
Thursday is looking like it's going to be a rough day for holders of many e-commerce stocks. As of 11 a.m. ET, shares of both e-commerce platform provider Shopify (NYSE: SHOP) and the South American online retail giant MercadoLibre (NASDAQ: MELI) were down by about 6.8%. Meanwhile, Singapore-based Sea Limited (NYSE: SE), which operates the Shopee marketplace in Southeast Asia, was suffering an 8.5% meltdown.
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There's no obvious answer as to why these stocks lost ground -- no analyst downgrades nor downbeat press releases from any of the companies. That being said, there is one common thread connecting these companies: They all operate in e-commerce, and while they may not compete much with each other directly, their stocks all compete for investor attention with the biggest name in the space: Amazon.com (NASDAQ: AMZN).
Source Fool.com
