Why Coupang Stock Jumped 8% Today
Shares of South Korean e-commerce leader Coupang (NYSE: CPNG) was up 7.8% today as of 12:20 p.m. ET. The company doesn't report first-quarter 2022 earnings until tomorrow, May 11, but investors were getting some relief ahead of the report. The stock has been absolutely pummeled and is down 65% year to date and over 80% down from its initial public offering (IPO) in spring 2021.
Image source: Getty Images.
Except for the appointment of a couple of new board of director members, there has been little in the way of financial news from Coupang since the company reported full-year 2021 earnings a few months ago. And therein lies the problem. The market is in turmoil because of inflation, and the U.S. Federal Reserve is aggressively raising interest rates to try and cool off the economy.
Source Fool.com
