Why Newegg Stock Was Down This Week
Newegg Commerce (NASDAQ: NEGG) stock underperformed a rising market this week. The e-commerce specialist's stock had fallen 18% through Thursday trading, according to data provided by S&P Global Market Intelligence, even as the wider market jumped 2%. That move added to big short-term losses for shares, which are down 70% so far in 2022.
The slump was sparked by growing selling pressure by investors and some insider owners.
Wall Street is still digesting Newegg's updated sales and earnings outlook that arrived as part of management's operating report on Sept. 2. That announcement showed slowing demand trends, falling profit margins, and ballooning net losses for the current quarter that ends in late September.
Source Fool.com
