Shopify Dips Back Under $100 Despite Q3 Beat

Shopify Inc (US) SHOP shares are trading lower by $10.00 at $99.36 in Tuesday's session.

The stock is deep in the red, despite a Q3 EPS beat of 6 cents along with a sales beat of $5.9 million. The company slightly raised Q4 and FY 2017 sales guidance. Since the stock has more than doubled from its year-end close of $42.97 at the $100.00 area, it seems like the company needed to blow away current estimates in order to sustain the rally.

Shopify's high and low for the session were made in the first 25 minutes in the session. After a lower open, it spiked down to $94.51 before ripping back to $104.81. That low comes in between its Oct. 16 ($93.34) and its Oct. 17 ($95.40) lows. The high comes in just of the lower-end of Monday's range ($105.17).