According to MarketWatch, there's a rotation underway, as investors sell off high-growth companies deemed to be tech stocks, which have run up significantly since the market plumbed its lows in March, and instead shift their money into cyclical companies like Alcoa, which haven't yet managed to return to their highs before the COVID-19 sell-off.
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The reason Alcoa is moving higher, I suspect, has little to do with investors deciding that all of a sudden, the U.S. economy is going to shift into high gear, causing cyclical industrial stocks to outperform go-go tech stocks. With 30 million workers still unemployed, and 5 million Americans having contracted COVID-19, I honestly don't see an industrial boom in the making here.
Many things are taking place:
What Is A Shopify Expert & Should You Hire One To Level Up Your Shopify Business Game?
Shopify is an art and part science for us. The resultant Shopify store is the work of pure art, and what you need to make the art workable is pure science.
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And we wouldn't mind calling Shopify as 'the Swiss Army Knife' of online store builders. When did you last count all the functionalities of the knife on your fingers? Well, it's tough.
Similarly, it takes a mathematical head to calculate all the features offered by Shopify. But it takes even more patience and expertise to get accustomed to all of them. That said, Shopify experts do it diligently.
Shopify shares slide 4.6 percent; other Canadian tech stocks also pull back | Georgia Straight
Ottawa-based Shopify's share price fell 4.61 percent today, closing at $1.343.08 on the Toronto Stock Exchange.
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Shopify's market capitalization stands at $161.5 billion. Canada's second most valuable public company, the Royal Bank, is worth $137 billion.
The share price of a Waterloo tech company, Open Text Corp., was down 2.66 percent, closing at $59.65.
Shopify rival BigCommerce surges 292% in first day of trading as investor demand in ecommerce
BigCommerce, a Shopify rival that offers an href="https://directamp.com/" title="">ecommerce platform as a service aimed at online businesses, surged as much as 292% in its first day of trading on Wednesday.
The Austin, Texas-based company and existing stockholders sold a total of 9 million shares to the public, raising $216 million for BigCommerce.
The initial public offering was initially priced at a range of $18 to $20, but strong investor demand led to a range raise between $21 and $23. It was eventually priced at $24 on Tuesday night.
While you're here, how about this:
Shopify: The Canadian tech champion taking on Amazon - BBC News
When the pandemic forced Pizza Pilgrims to close its 13 stores in London and Oxford in March, the business went from making 30,000 pizzas every week to zero. Of the 276 staff, 270 had to be furloughed.
While they opened one store in April to manage delivery, founder Thom Elliot still needed to find another way to make up for the lost revenue. "I tried to think of something that would serve our customers, who kept calling us, and also keep us relevant during these times," he says in an interview.
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