SHOP - Amazon Wayfair and Etsy headline crushing day for online retail stocks as post-pandemic reality sets in
Online retail and e-commerce stocks spun lower on Thursday after a common theme of decelerating post-pandemic sales growth and higher costs was seen with the big reports from Shopify (SHOP -17.7%), Wayfair (NYSE:W -16.7%), Etsy (NASDAQ:ETSY -13.7%) and eBay (EBAY -9.2%). The pandemic valuation premium is quickly fading on the sector amid a sharper focus by investors on profitability and concerns on the impact of inflation on demand and EBITDA. Decliners included Carvana (CVNA -14.8%), Global-E Online (GLBE -10.4%), Poshmark (POSH -12.1%), Coupang (CPNG -8.8%), Farfetch (FTCH -9.4%), Revolve Group (RVLV -8.5%), Chewy (CHWY -8.2%), MercadoLibre (MELI -10.3%), Blue Apron (APRN -7.5%), NewEgg (NEGG -8.2%), Solo Brands (DTC -5.3%), Overstock.com (OSTK -8.7%), and YhredUp (TDUP -8.5%). The biggest online retail name of all was not immune to the selling pressure with Amazon (NASDAQ:AMZN -7.1%) sliding to a new 52-week low. Who saw the big drops coming? The Seeking Alpha Quant Ratings
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Amazon, Wayfair and Etsy headline crushing day for online retail stocks as post-pandemic reality sets in