Q2 STOCKS TO BUY

Shopify Stock on Track for Worst Day on Record

The e-commerce name issued a dismal revenue outlook

Digital Content Manager
May 8, 2024 at 10:38 AM
facebook X logo linkedin


Shopify Inc (NYSE:SHOP) is down 19.5% at $62.06 at last check, and earlier gapped to its lowest level since November after the e-commerce name missed first-quarter revenue estimates. The company also predicted year-over-year revenue to drop over the second quarter as consumer spending slows down.

Shares are today on track for their biggest single-day percentage drop on record. This bear gap also placed SHOP below a floor at $68 - $70, which contained an April pullback, after running into resistance at $78. So far in 2024, Shopify stock has already dropped more than 20%.

Drilling down to today's options activity, 99,000 calls and 68,000 puts have swapped hands so far, which is 12 times the intraday average volume. The weekly 5/10 60-strike put is the most popular, with new positions opening there.

Short-term options traders lean bullish. This is per Shopify stock's Schaeffer's put/call open interest ratio (SOIR) of 0.79, which sits in the low 12th percentile of readings from the past 12 months.

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter