Why Wix.com Stock Popped 11% on Wednesday
Shares of digital platform company Wix.com (NASDAQ: WIX) popped on Wednesday after the company announced it has a $500 million plan in place. The stock closed the session up 11%.
Some investors might argue that the market wasn't positively reacting to news from Wix, considering its competitor Squarespace was up 9% today. To be sure, today's broad market rally certainly helped Wix stock. But it was up roughly 9% early in the session, before the market started its strongest push higher. Therefore, Wix's 11% move today does indeed seem to be correlated with the news.
Early this morning, Wix filed an update with the Securities and Exchange Commission (SEC). In the filing, it notes that the company is authorized to spend $500 million either repurchasing shares or repurchasing convertible notes.
Source Fool.com
