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Shopify shares slip after Adobe Systems buys ecommerce rival Magento

TORONTO — Shopify shares slipped by more than six per cent in today after its rival Magento Commerce was bought by Adobe Systems.The e-commerce company’s stock fell by as much as 6.47 per cent to $177 in Toronto in morning trading, a day after the U.S. software giant announced the acquisition.Adobe, best known for its Photoshop picture editing software, on Monday said it has signed a US$1.68-billion agreement to buy Magento.Magento’s platform helps companies set up online stores and manage orders. Its customers include Canon, Helly Hansen and Paul Smith.Adobe says the acquisition will enable e-commerce to be seamlessly integrated into its own platform.Shopify shares on the New York Stock Exchange were also down by more than four per cent today at US$138.38. read more

Oil rebounds above 93 in European trade after reaching lowest level in

Oil rebounds above $93 in European trade after reaching lowest level in a month by The Associated Press Posted Jun 3, 2013 5:37 pm MDT NEW YORK, N.Y. – The price of oil rose above US$93 a barrel on Monday at the start of a big week for economic data, culminating in Friday’s U.S. non-farm payrolls report for May.Benchmark oil for July delivery rose $1.48 to close at $93.45 a barrel in New York.Lately, subpar economic indicators have actually prompted some buying of oil, because the weaker the economy the less likely the Federal Reserve is to begin lifting the stimulus measures it has in place. Monday was no different after a weaker-than-expected report on U.S. manufacturing, said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.“Markets such as the equities and oil are interpreting data releases below expectations as a signal that the Fed will delay any tightening measures,” Ritterbusch wrote in a note to clients.A measure of U.S. manufacturing fell in May to its lowest level since June 2009. The Institute for Supply Management said Monday that its index of manufacturing activity fell to 49 last month from 50.7 in April. A reading under 50 indicates contraction.But most automakers posted strong sales for May, which could give a boost to sluggish gasoline demand.Conflicting Chinese figures left investors uncertain over the state of the world’s second largest economy. Though the official manufacturing purchasing managers index, a gauge of activity, rose to 50.8 in May from 50.6 the previous month, an equivalent survey from HSBC fell to 49.2 from 50.4. Anything above 50 indicates expansion.However, a survey for the 17 European Union countries that use the euro offered some hope for the future of the eurozone economy. The monthly manufacturing PMI from financial information company Markit rose to 48.3 points in May from the initial estimate of 47.8.Brent crude, a benchmark for pricing oil used by many U.S. refineries to make gasoline, gained $1.67 to finish at $102.06 in on the ICE Futures exchange in London on Monday.Pump prices in the U.S. remained at $3.62 a gallon. That’s down one cent from a week ago, but three cents higher than at this time last year.In other energy futures trading on the New York Mercantile Exchange:— Wholesale gasoline added three cents to end at $2.79 a gallon.— Heating oil rose five cents to finish at $2.83 per gallon.— Natural gas advanced by about a cent to end at $3.99 per 1,000 cubic feet.___Pablo Gorondi in Budapest and Pamela Sampson in Bangkok contributed to this report.(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE) AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more