2023-06-06 11:11:00 ET
Shopify ( NYSE: SHOP ) shares rose over 5% on Tuesday after announcing the completion of its long-planned sale of its logistics business to Flexport.
The sale of the business was originally announced in early May alongside the company’s earnings release. In connection with the sale, Shopify will receive stock representing a 13% equity interest in Flexport.
Shopify ( SHOP ) stock gained about 5% during Tuesday’s trading, among the biggest movers in the e-commerce sector in terms of gains alongside other upward travelers like Etsy ( ETSY ) +4.88% and Amazon +1.09% . Overstock ( OSTK ) +11.3% , Wayfair ( W ) +4.89% , and Chewy ( CHWY ) +5.22% were among other key gainers in a postive day for the sector on Tuesday.
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Shopify stock jumps after sale of logistics business