WISH Stock Price: ContextLogic Inc extends decline as Robinhood drags down Meme stocks

NASDAQ:WISH fell by 8.65% on Thursday amidst another volatile day for the broader markets.
Meme stocks struggled as Robinhood sold off after its earnings report.
eCommerce leader Amazon announces it is opening department stores.

NASDAQ:WISH is showing just how difficult it is to compete in an industry that is dominated by a few big players. The eCommerce company is struggling to meet reasonable shipping times and complaints about the quality of its products. Following a disappointing earnings report ContextLogic has seen its stock tumble from its previous highs. On Thursday, shares of WISH fell by 8.65% to close the volatile session at $6.23. Wish continues to fall through previous levels of support, and shares may need to fall further before eventually finding a bottom. 

Meme stocks fell in general on Thursday, as they have been for the past couple of months. A major catalyst for that was retail trading platform Robinhood (NASDAQ:HOOD) tumbling by over 10% following a bearish forecast by the company at its second quarter earnings call on Wednesday. Robinhood more than doubled its revenues year over year to $565 million for the quarter, but wanted that Dogecoin related transactions may not be replicable moving forward. The market read this as unsustainable growth, and the stock sold off on Thursday as a result. 

Is WISH a good stock to buy

In other eCommerce news, industry leader Amazon (NASDAQ:AMZN) is actually moving back into brick and mortar stores according to a report that came out Thursday morning. It is rumored that California and Ohio are already pegged to be the first locations, and that Amazon will look to expand if those are successful. The locations would be about 30,000 square feet which are smaller than department stores that usually take up about 100,000 square feet. Shares of Amazon closed the day down 0.42%.