My Size Inc (NASDAQ: MYSZ) is having an incredibly strong start to the trading session this morning after the company announced the launch of a product. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The product launch;
- what we’re seeing from MYSZ as a result; and
- what we’ll be watching for ahead.
MYSZ Climbs On Product Launch
As mentioned above, My Size is having an incredibly strong start to the trading session this morning after the company announced a product launch. In a press release issued early this morning, the comapny said that it has launched its MySizeID™ smart measurement technology for iOS.
MYSZ pointed to the idea that its app can increse the sales of apparel retailers by reducing or even eliminating customer uncertainties with regard to size and fit. The company said that the app is a turnkey solution that gives users the ability to accurately measure themselves through a few simple moviements with their smartphone, creating a MySizeID fit profile. Once the profile is complete, users can search for items that fit by searching for their favorite brand within the MySizeID™ app. In a statement, Ronen Luzon, CEO at MYSZ, had the following to offer:
We are thrilled to launch MySizeID™ in the Apple App store today and to potentially put our technology into the hands of millions of consumers who are looking for a better way to shop for apparel online. Recent research by Body Labs has shown that 85% of shoppers said they would purchase more apparel items if they could ensure a proper fit, but a true lack of sizing system has left shoppers frustrated and retailers missing out on profits,… By downloading MySizeID™, shoppers can ensure they are buying properly sized items, each and every time. The simple body measurement takes minutes, and the user’s size profile quickly syncs to the sizing charts of leading brands across the globe to make a recommendation on item size. MySizeID™ is a must download for online shoppers across the world.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of MySize, the news proved to be overwhelmingly positive. With the launch of the MySizeID™ app, the company will likely see a ramp in revenue. That’s always good news as far as investors are considered. So, it comes as no surprise that excited investors are sending the stock screaming for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:44), MYSZ is trading at $1.36 per share after a gain of $0.12 per share or 9.20% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MYSZ. In particular, we’re interested in following the story surrounding the MySizeID™ app and the revenue it generates. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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