My Size, Inc. (NASDAQ: MYSZ) is having an incredibly strong day in the market today, and for good reason. The company announced that it plans on unveiling new technology relatively soon. Today, we’ll talk about the news, how the stock is reacting, and what we’ll be watching for with regard to MYSZ ahead.
MYSZ Announces Coming Unveiling
As mentioned above, My Size is having an incredibly strong day in the market today after announcing that it plans to unveil new technology. In a press release issued early this morning, the company announced that it plans to unveil its body measurement technology at the annual CES in Las Vegas. In the press release, the company said that it believes that this technology will help to revolutionize how consumers purchase clothing online.
The new technology, MySizeID, makes it so that consumers are able to measure their body using their smartphone. This allows the application to determine the correct size for clothing purchased online. 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 application… 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 plan an integral role in the global transformation caused by the e-commerce revolution.”
What We’re Seeing From The Stock As A Result
As investors, one of the first things that we learn is that the news moves the market. With news of an unveiling coming down the line soon, it’s no surprise that excited investors are pushing the stock toward the top. At the moment (12:20), MYSZ is trading at $0.88 per share after a gain of $0.0949 per share (12.09%) 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 CES to learn more about the new technology the company plans to unveil. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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