Why Shopify Stock Fell More Than 5% This Morning
Shares of e-commerce technology-darling Shopify (NYSE: SHOP) were down 7.6% today as of 11:50 a.m. ET. The broader market indices had clawed back steep early losses, but no such luck for Shopify, as richly valued names continue to get punished. The stock is now over 40% off its all-time high reached just a couple of months ago.
Image source: Getty Images.
The drop is particularly confounding because Shopify just inked a deal with Chinese e-commerce giant JD.com (NASDAQ: JD). Under the terms of the agreement, JD will allow merchants to set up a web presence on their platform using Shopify's software. JD will handle currency exchanges and the shipping logistics once a sale is made.
Source Fool.com
