Stock Market Update

[BRIEFING.COM] The major averages continue to trade in close proximity to their unchanged values. 

Coupang (CPNG 24.72, +1.92, +8.40%) is rallying today in a relief-type move after the company issued a more detailed update yesterday on its cybersecurity incident, helping narrow perceived downside from the headline risk. The company initially announced the matter in late November and then provided additional disclosure in a Dec. 16 8-K, noting it became aware of unauthorized access to customer accounts and activated its incident-response process.

Investors are treating the latest update as better-than-feared and a meaningful reduction in headline risk. The incident has been a notable overhang since CPNG's initial notice in late November, when it said it became aware on Nov. 18 and that unauthorized access may have begun as early as June via overseas servers. The new update helps narrow perceived downside by suggesting the perpetrator retained data from only a small subset of accounts relative to the 33 million accessed, while reiterating that sensitive information such as payment and log-in data was not compromised and that the data was not transferred to others.