Q: SHOP is down heavy at 10:45 Tuesday. Only news I see is something about EMERGE selling domain names to SHOP (if I have it right). Is this causing the price drop or something else? Is it material? Yours thoughts ..., thanks
5i Research Answer:
Other than the news noted, there is no news today. Yesterday Wayfair dropped its rating to Neutral, but Wedbush upgraded it also. Growth stocks are getting hit hard today on an uptick in bond yields. We also suspect there is still some ongoing 'sell in the new year to defer taxable gains' selling still occurring.