From CNBC Oct. 29:
Amazon shares are cratering — down 6% today, down 23% in the past month
- Amazon dropped 14 percent in two days, marking its worst two-day tumble since February 2014.
- The company reported disappointing financial results on Thursday.
- Tech stocks fell broadly on Monday, with the Nasdaq closing down 1.6 percent.
Amazon shares closed down 6.3 percent on Monday suffered their steepest two-day tumble in more than four years, as investors continued to flee the stock following Thursday's disappointing earnings report.
The stock dropped $103.93 to $1,538.88 at the close, after losing $139.36, or 7.8 percent, on Friday, and is trading at its lowest price since April, down 23 percent over the past month. The 13.7-percent drop over two days is the biggest decline since February 2014, when the shares plummeted 14.1 percent.
Amazon reported third-quarter revenue last week that trailed analysts' estimates and also provided a fourth-quarter outlook that was below expectations. The stock dragged down the Nasdaq, which closed down 1.6 percent on Monday. Netflix, which like Amazon has been a favored stock for tech investors in recent years, is in the midst of a hefty two-day drop, down 9 percent....MOREThat's the trouble with earnings. Once you show 'E', the analyst bastards start putting a P to E ratio on you and from there you're just another company, no longer the inscrutable black box that can use infinity as the multiplier.
Better to have a little mystery in your life.