QQQs -55bps - no big dramatic news overnight but investors have their eyes on CPI tomorrow so maybe some de-grossing ahead of that. Yields ticking up 1-4bps across the curve. BTC flattish. China -1.5%. We’ll go over SHOP ALAB GFS then get into news/research. Let’s get to it..
SHOP -1%: Looks ok with Q4 GMV 26% y/y in line with bogeys. Q1 guide of mid-20s rev guide vs 31% y/y in Q4 a bit lighter than bogeys hoping for mid to high 20s guide. Q1 FCF margin guide mid teens vs 22% in Q4 also a bit lighter.
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