The stock is down $135.43 (-3.93%) at $3311.14.
Here's the twelve-month chart via BigCharts:
The $3200 area has been support over the last five months but the problem with that sort of facile analysis is that each time a stock drops to support it absorbs buying and buying enthusiasm such that if it breaks support AMZN could easily drop another 10%. Happy Holidays.
From Seattle's own GeekWire (both stories posted after the close, October 28):
The availability of workers became Amazon’s primary challenge in keeping packages moving smoothly through its system in the third quarter, not the normal limiters of storage space or fulfillment capacity, the company’s chief financial officer told reporters after its earnings missed expectations.
“As a result, inventory placement was frequently redirected to fulfillment centers that had labor to receive this product,” CFO Brian Olsavsky said on a media call. “This resulted in less-optimal placement, which leads to longer and more expensive transportation routes.”
Olsavsky said the overall shortage of labor in the U.S., combined with Amazon’s increasing need for workers has resulted in increased wages and sign-on incentives as companies compete for scarce workers.
Amazon’s efforts to keep this from impacting customers was a big reason it incurred higher costs than expected in the third quarter, leading to lower-than-expected profits. The company says the trend will continue in the fourth quarter, which includes the critical peak shopping season....
....MUCH MORE
If interested here is GeekWire's writeup on the earnings release:
Based on the above and on another GeekWire story, September 24's "Whole Foods will charge $9.95 fee for grocery delivery, removing perk for Amazon Prime members" I'm guessing the Amazon experience of 2022 will be more expensive than 2021 was.
