ThredUp, eBay and Etsy lead big down day for Internet retail sector on valuation reset
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Selling pressure is sweeping over the Internet Retail sector again as investors pull back on their valuation thinking on e-commerce stocks without profits or trading at a high price-to-earnings ratio.
Some of the names being swept into the multi-day selloff include ThredUp (TDUP
-5.9%), Carvana (CVNA
-3.8%), CarParts.com (PRTS
-2.4%), Overstock.com (OSTK
-5.1%), Etsy (ETSY
-4.8%), Blue Apron (APRN
-5.4%), Wayfair (W
-2.5%), eBay (EBAY
-4.2%), Farfetch (FTCH
-4.4%), Revolve Group (RVLV
-1.1%), and MercadoLibre (MELI
-3.5%).

Earlier today, Needham defended its Buy rating on Etsy.