Today in the Market (11/27/2023)

Good Evening! On Monday, despite the major indexes being on course to have their best month in almost a year, stocks finished down. This occurred despite the optimistic sentiment on Wall Street, which maintained prospects for a further advance.

The losses stayed roughly in the same range, with the Nasdaq finishing down by 0.07%, while the S&P 500 ending below by 0.20%, and the Dow Jones being in the middle with a loss of 0.16%.

BLACK FRIDAY SURGE!

Shopify (SHOP) is a provider of software that helps with the creation and management of online commercial activities. Due to Black Friday, the consumer base of retailers seems to be thriving. Shopify saw unprecedented sales on this year’s Black Friday. As a result, the value of Shopify stock surged, hitting its peak price per share since the beginning of 2022. The shares have had a year-to-date increase of almost 112%.

So how well did everyone do? Shopify said that its merchants generated $4.1 billion in sales on Friday, representing a 22% increase compared to Black Friday last year. On top of that, Shopify had a 22% increase in gross merchandise volume during Q3 of 2023. Hence, the firm seems to be maintaining its positive progress from the previous quarter as Q4 starts.

The big picture! It is crucial to acknowledge that the growth of Shopify’s merchants is surpassing the general expansion of the retail industry. Based on data from Adobe Analytics referenced by CNBC, the total spending on Black Friday increased by 7.5% compared to the previous year.

SECRET IPO?

According to sources familiar with the subject, Shein, a fashion firm established in China, has submitted a secret filing to start the process of becoming a publicly traded corporation in the U.S., as reported by the Wall Street Journal on Monday.

According to Reuters, the fast-fashion conglomerate has been working with at least three investment banks on a potential initial public offering (IPO) and was in contact with both the New York Stock Exchange and the Nasdaq.  So who are the investment banks? Goldman Sachs, JPMorgan Chase, and Morgan Stanley have been selected as the primary underwriters for the offering, which is anticipated to take place in 2024.   

So, how much is Shien worth? In May, the business’s valuation exceeded $60 billion, making it poised to become the most valuable Chinese-founded company to undergo an IPO in the U.S. since Didi Global’s entrance in 2021, which was valued at $68 billion.

However, it still needs to clear certain obstacles… The company is currently under investigation by the recently established House Select Committee on the Chinese Communist Party, and there has been criticism regarding its ties to Beijing. On top of that, a multitude of legislators, including 16 Republican attorneys general, have urged the U.S. Securities and Exchange Commission to verify that Shein is not using forced labor in its supply chain prior to granting permission for it to begin trading in the U.S.

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