What's Going On With Shopify Stock Tuesday
Portfolio Pulse from Anusuya Lahiri
Shopify (NYSE:SHOP) completed the sale of most of its former logistics business to Flexport, receiving a 13% equity interest in the company. The stock traded higher by 5.17% on Tuesday.
June 06, 2023 | 4:40 pm
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Shopify completed the sale of its logistics business to Flexport, receiving a 13% equity interest. The stock traded higher by 5.17%.
The completion of the sale of Shopify's logistics business to Flexport is a positive development for the company, as it allows Shopify to focus on its core business while gaining a 13% equity interest in Flexport. This news has led to an increase in the stock price, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100