Shopify (SHOP) shares soared over 20% after surpassing earnings expectations on Tuesday morning.
As a leading eCommerce platform, Shopify continues to excel amid economic headwinds.
The company followed up an impressive second quarter, where it posted 22% growth in Gross Merchandise Volume (GMV), with an even stronger 24% GMV increase in the third quarter.
Management’s optimistic revenue forecast for the next quarter hints at a robust holiday season, bolstered by gains in international markets like Germany and France. Additionally, growth was fueled by innovative AI tools and a 42% increase in GMV through Shopify Payments.
These advancements solidify Shopify as a pivotal platform for a range of businesses, poised for ongoing success.
The stock, which struggled through 2021 and 2022, entered a bullish trend in mid-2023, with momentum strengthening.
Today’s surge pushed Shopify's shares above $100 for the first time since January 2022, with a bullish long-term outlook and a price target of $150.
NIO (NIO) shares fell over 9% today as the market reacted to President-elect Trump’s cabinet selections, seen as unfavorable to Chinese interests.
The Chinese electric vehicle manufacturer had been experiencing sideways trading due to investor hesitancy, exacerbated today by the appointment of known "China Hawks" Senator Marco Rubio as Secretary of State and Rep. Mike Waltz as NSA.
This political shift comes just after NIO reported a 30.5% year-over-year increase in October deliveries, briefly boosting shares by 5%. However, the stock broke through the critical $5 support level today, triggering a volatility selloff likely to push prices toward $3.50.
Advanced Micro Devices (AMD) shares dropped nearly 3% on Tuesday, settling into a bearish intermediate-term technical trend.
The decline began on October 29th, despite earnings per share meeting Wall Street's expectations at $0.92, with a 17.6% revenue increase year-over-year.
Post-earnings, AMD did not revise its future outlook, leading to selling pressure and a break below both the 50- and 200-day moving averages.
The stock's recent drop to $139.25 challenges a critical long-term trendline.
With increased put option activity focusing on the $130 and $120 price levels, the market sentiment appears bearish.
Upcoming NVIDIA earnings will be crucial for AMD, as any weakness could intensify selling pressure amid concerns over high valuations in the AI sector.
