Shopify stock falls after split

Shopify shares fell after the Canadian e-commerce giant completed a 10-for-1 split of its common stock on Wednesday.

It’s the latest in a parade of tech-stock splits this year as companies in the beleaguered sector attempt to drum up interest among retail investor.

Amazon.com and Alphabet Inc. have also announced stock splits, but the moves failed to boost sentiment amid a broad market selloff on concern central bank attempts to rein inflation risked stifling economic growth.

Shopify’s shares fell as much as 6.1% .

The stock has plunged about 75% this year as e-commerce traffic slows and investors flee growth stocks, particularly sensitive to the rising costs of borrowing.

Car sales slump continues

Low inventory levels led Cox Automotive analysts to again revise their full-year U.S. 2022 new-vehicle sales forecast downward.

At a discussion Tuesday with media, analysts projected 14.4 million sales this year, below the 14.6 million sold in pandemic year 2020.

Cox initially forecast 16 million sales for the year before dropping that estimate to 15.3 million, followed by the latest revision.

June sales are expected to finish near 1.2 million, down 7.5% from last year’s 1.3 million sales, Cox forecasts.

From wire reports