Why ContextLogic Stock Plummeted Today
Two weeks ago, shares of ContextLogic (NASDAQ: WISH) exploded higher after the e-commerce company received an endorsement from an unlikely source. Today, the stock gave up most of those gains due to a weak quarterly report and a sober outlook from management.
As of 2:19 p.m. ET, shares were down 28.5%.
ContextLogic runs Wish.com, an e-commerce site that attempts to match consumers to deals on products that they have expressed an interest in buying. Wish.com has been in business for more than a decade, but has never really gained traction as other e-commerce sites took off.
Source Fool.com
