My Size, Inc. (NASDAQ: MYSZ) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company is planning on unveiling it’s latest technology at CES this year, and that’s just days away. Of course, excitement is ramping up among investors, leading to strong gains. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for ahead.
MYSZ Gains Ahead Of CES
As mentioned above, My Size is having an incredibly strong day in the market today, following up on the gains that we’ve seen from the stock as of late. The gains are ultimately the result of a press release that was issued just days ago, informing investors that the company plans on unveiling new body measurement technology at CES in Las Vegas. The CES conference is just days away, starting on January 9th and ending on January 12th.
MYSZ is a company built around body measurement technology, known as MySizeID, which enables consumers to measure their body using smartphones. Ultimately, the application determines the correct size for clothing purchased online based on these body measurements. Nonetheless, with new technology being unveiled soon, the service is likely to get even better. In a statement, Ronen Luzon, CEO at MYSZ, had the following to offer:
“We are very excited to introduce what we believe is a leading-edge solution that we developed which will enable consumers to get the right fit when purchasing clothing online. We believe this is the first time anyone has managed to link body measurements taken with the smartphone with clothing sizes. This level of accuracy and the related convenience is unique to us, and we believe no competing solution provides a solution like ours. The online clothing market in the U.S. alone is valued at over $72 billion of an overall value of approximately $395 billion e-commerce sales market.
This is our second time presenting our technologies at CES. Over the last year since the last trade show, we have significantly improved and enhanced our technology, launched additional products using our measurement algorithm and increased the number of devices that can support our applications… I am glad to say that we will be presenting new developments this year too. We are pleased to lead the way in measurement technology and are proud to play an integral role in the global transformation caused by the e-commerce revolution.”
What We’re Seeing From The Stock
With the CES trade show just days away, and the knowledge that My Size will be unveiling new technology at the show, investors are frenzying around the stock. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:18), MYSZ is trading at $1.20 per share after a gain of $0.21 per share or 21.56% 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 company’s unveiling at CES and excited to learn more about the state of the art technology to be unveiled. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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