Amazon’s stock reverses lower toward a 5th-straight drop, toward a 2 1/2-year low
Shares of Amazon.com Inc.
sank 5.2% in midday trading, reversing an earlier intraday gain of as much as 2.1%, to put them in danger of a fifth-straight loss. The stock has tumbled 19.44% over the past five days. That’s a touch better than the 19.50% drop suffered over the five sessions to May 5, 2022, which was the biggest five-day drop since it plummeted 22.03% during the five-day stretch ended Nov. 20, 2008. Amazon’s stock, which was on track to close at the lowest price since April 3, 2020, continues to fall since the company reported last week third-quarter profit that topped expectations but revenue that came up shy, and provided a downbeat outlook for the fourth quarter. Amazon’s stock has shed 41.7% year to date, or more than double the S&P 500’s
decline of 19.1%.