Shopify (NYSE:SHOP) stock is on the move Thursday as investors react to a couple of stories concerning the e-commerce company.
First up is a report from Bloomberg that Shopify is looking to acquire tech startup Deliverr. As its name implies, Deliverr is a delivery company and has a specific focus on shipping products bought online to consumers.
Deliverr currently works with several e-commerce companies, including Shopify rivals Amazon (NASDAQ:AMZN) and eBay (NASDAQ:EBAY). With its focus on providing fast deliveries, Deliverr could massively improve SHOP’s logistics network to help it better compete with AMZN.
According to these recent reports, Shopify may spend a total of $2 billion to bring Deliverr into its fold. However, insider sources also cautioned that the deal may not come to fruition.
The next big news affecting SHOP stock today comes from rival Amazon. The e-commerce giant has launched a new Buy With Prime feature. This allows merchants to use Amazon’s payments and fulfillment services on their own websites.
This move by Amazon appears to be in direct response to Shopify’s recent growth. The smaller e-commerce company has been growing in popularity with merchants as it allows them to fulfill orders through it on their own websites. AMZN clearly doesn’t want to lose out on that and is introducing its own method to facilitate that kind of relationship with merchants.
SHOP stock is down 2.8% and AMZN stock is up largely unmoved as of Thursday morning.
Investors on the lookout for more stock market news today are in the right place!
We’ve got all the hottest stock market stories traders need to know about for Thursday! Among them are the Obamas leaving Spotify (NYSE:SPOT), airline stocks rising, and what has Rite Aid (NYSE:RAD) shares on the move today. You can get up to speed on all of this news at the links below!
More Thursday Stock Market News
- The Obamas Are Leaving Spotify. AMZN Stock Could Be a Big Winner.
- Airline Stocks News: Why Are UAL, AAL, DAL Stocks Up Today?
- Why Is Rite Aid (RAD) Stock in the Spotlight Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.