Why Shopify Stock Is Soaring Today
Shares of the e-commerce platform Shopify (NYSE: SHOP) are bouncing back today after plunging 8% yesterday. It appears that some investors are realizing that yesterday's sell-off might have been a bit of an overreaction to Shopify's announcement that it's temporarily suspending operations in Russia and Belarus.
The tech stock was up by 11.5% as of 10:53 a.m. ET.
Yesterday, Shopify released a statement saying that it was "deeply unsettled by the unprovoked attacks and ongoing war in Ukraine" and, as a result, it was temporarily shutting down operations in Russia and Belarus, the two countries that have either directly attacked or facilitated attacks on Ukraine.
Source Fool.com
