Shopify rallies heading into Cyber Monday

Commerce.com

28/11/2022 13:29

** U.S-listed shares of Shopify  SHOP.N  up 6% at $39
premarket as Canadian e-commerce firm heads into Cyber Monday on
a high note
    ** SHOP announced record $3.36 bln of merchant sales through
Black Friday, up 17% yr/yr (19% on constant currency basis)
    ** "We expect a positive market reaction with the pace of
sales tracking ahead of consensus 4Q GMV (gross merchandise
value) growth expectations (~8% y/y), and retail sentiment
already biased negative," Oppenheimer writes in research note in
reaction to SHOP's announcement
    ** Through Fri close, SHOP's U.S.-listed shares have risen
~37% since end-Sept, but are still down ~73% YTD
    ** Adobe Analytics expects Cyber Monday, the biggest U.S.
online shopping day, to hit a record $11.2 bln, as wide-ranging
discounts drive shoppers to click "add to cart" despite
stubbornly high inflation
    ** Shares of online retailing giant Amazon.com  AMZN.O  edge
up 0.5% to $93.85 before the bell. AMZN shares have shed ~44% in
2022 through Fri, tracking their biggest yearly loss since 2008
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))