Why Shopify Stock Was Tumbling Again Today
Shares of Shopify (NYSE: SHOP) were sliding today as the e-commerce software company was one of several tech stocks to fall in sympathy with Snap (NYSE: SNAP), which warned that second-quarter results would come in below its earlier guidance and blamed a deteriorating macroeconomic environment for the downward revision. Though it might seem surprising for Shopify to fall on the news, the two companies are more closely connected than you might think.
As of 1:35 p.m. ET, Shopify stock was down 10.4%, while Snap had plunged 41.9% at the same time.
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Source Fool.com
