E-COMMERCE STOCKS RIP AS TECH SLIDES ON DOWN DAY
March 19, 2021
Online lender Upstart Holdings, which uses education and employment instead of credit score for loans, nearly doubled today after announcing its acquisition of a leading automotive retail software player Prodigy Software. This acquisition will allow them to expand into automobile loans. $UPST rose 89.3% today.
William-Sonoma has become the latest retailer to get a boost from e-commerce and online shopping. In the company’s Q4 earnings report, comparable brand revenue growth jumped 26%. Online shopping growth rose over 50%, helping the company beat Wall Street estimates. $WSM rose nearly 19%.
Remember Google Glass? A quaint tech company called Vuzix is making them, but better -- and they popped 8.5% today thanks to recent earnings. $VUZI creates smart glasses for enterprise use in insurance, manufacturing, healthcare and security-facing companies. The company has run up over 181% since the start of 2021, bucking the broader trend with tech.