Why Shopify Stock Tanked on Monday

Shares of Shopify (NYSE: SHOP) got crushed on Monday, tumbling as much as 16.3%. As of 1:03 p.m., the stock was still down 11.6%.

The catalyst that sent the e-commerce tools provider plunging was word that competition is ramping up in the online retail space.

A report published over the weekend highlights plans by Alphabet's (NASDAQ: GOOGL) (NASDAQ: GOOG) Google to make a bigger push into e-commerce, according to The Street.

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Source Fool.com