The beaten-down e-commerce stock isn't as cheap as it looks.Down 80% year to date,Shopify's (SHOP-3.36%)decline has far outpaced that of theNasdaq Compositeindex, which has "only" fallen 33% in the same period. Thebeleaguered e-commerce platformhasn't held up well after the COVID-19 pandemic. And while its unique business model gives it an economic moat, slowing growth and a high valuation should give investors pause.What went wrong for ShopifyFounded in 2004 and going public in 2015, Shopify is an e-commerce platform designed to help small businesses create customized online stores where they can sell items both online and in-person. It differentiates itself from large third-party online marketplaces such asAmazon by focusing on merchants instead of the end consumer.Like most e-

Investors face two harsh realities with this company.Embattled movie theater chainAMC Entertainment Holdings(AMC-1.96%)remains a popular stock with traders, even if most of the air has come out of the balloon stemming from the epic short squeeze of 2021. Today, the stock is down 90% from the peak of its glory years.The stock has fallen enough that it's within shouting distance of pre-COVID-19 valuations, and investors can have a real conversation about buying the stock as a long-term investment. That answer depends on the company's ability to turn a profit. Unfortunately, there are some roadblocks to that happening soon.Attendance reliability is uncertainNobody knows for sure what the long-term impact of the pandemic is on the theater business, but it seems that attendance is taking a hit.