Shopify's Stock Shoots Up Toward 19-Month High, Fueled By Strong Online Holiday Shopping Data -- MarketWatch

Dow Jones2023-11-27

Shares of Shopify Inc. (SHOP) shot up 3.3% toward a 19-month high in premarket trading Monday, fueled by data suggesting online holiday shopping got off to a strong start on Black Friday. The stock has already oared 49.1% during November through Friday, which would be the best monthly performance since it rocketed 51.7% in April 2020. Adobe Analytics said consumers spent $9.8 billion online on Friday, up 7.5% from a year ago, and said Cyber Monday is expected to remain the season's biggest online shopping day at $12 billion, up 6.1% from last year. Shopify's stock, which was on track to open at the highest price seen during regular-session hours since April 2022, was the best premarket performer within the Amplify Online Retail ETF $(IBUY.AU)$, which was still untraded ahead of Monday's open. Among the ETF's other top performers, shares of fellow e-commerce software developer BigCommerce Holdings Inc. (BIGC) climbed 2.6% and buy-now-pay-later operator Affirm Holdings Inc.'s stock $(AFRM)$ advanced 2.0% toward a 14-month high. In comparison, futures (ES00) for the S&P 500 slipped 0.2% ahead of the open.

-Tomi Kilgore

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November 27, 2023 06:48 ET (11:48 GMT)

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The stock has already oared 49.1% during November through Friday, which would be the best monthly performance since it rocketed 51.7% in April 2020. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> Analytics said consumers spent $9.8 billion online on Friday, up 7.5% from a year ago, and said Cyber Monday is expected to remain the season's biggest online shopping day at $12 billion, up 6.1% from last year. Shopify's stock, which was on track to open at the highest price seen during regular-session hours since April 2022, was the best premarket performer within the <a href=\"https://laohu8.com/S/IBUY\">Amplify Online Retail ETF</a> <a href=\"https://laohu8.com/S/IBUY.AU\">$(IBUY.AU)$</a>, which was still untraded ahead of Monday's open. Among the ETF's other top performers, shares of fellow e-commerce software developer <a href=\"https://laohu8.com/S/BIGC\">BigCommerce Holdings</a> Inc. (BIGC) climbed 2.6% and buy-now-pay-later operator Affirm Holdings Inc.'s stock <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> advanced 2.0% toward a 14-month high. In comparison, futures (ES00) for the S&amp;P 500  slipped 0.2% ahead of the open. \n</p>\n<p>\n     -Tomi Kilgore \n</p>\n<p>\n  For more from MarketWatch: http://www.marketwatch.com/newsviewer \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. 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(SHOP) shot up 3.3% toward a 19-month high in premarket trading Monday, fueled by data suggesting online holiday shopping got off to a strong start on Black Friday. The stock has already oared 49.1% during November through Friday, which would be the best monthly performance since it rocketed 51.7% in April 2020. Adobe Analytics said consumers spent $9.8 billion online on Friday, up 7.5% from a year ago, and said Cyber Monday is expected to remain the season's biggest online shopping day at $12 billion, up 6.1% from last year. Shopify's stock, which was on track to open at the highest price seen during regular-session hours since April 2022, was the best premarket performer within the Amplify Online Retail ETF $(IBUY.AU)$, which was still untraded ahead of Monday's open. Among the ETF's other top performers, shares of fellow e-commerce software developer BigCommerce Holdings Inc. (BIGC) climbed 2.6% and buy-now-pay-later operator Affirm Holdings Inc.'s stock $(AFRM)$ advanced 2.0% toward a 14-month high. In comparison, futures (ES00) for the S&P 500  slipped 0.2% ahead of the open. \n\n\n     -Tomi Kilgore \n\n\n  For more from MarketWatch: http://www.marketwatch.com/newsviewer \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. 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