Amazon (AMZN) shares are in a late-summer funk, and it's getting uglier by the day.
Shares of the tech beast have now tanked by about 11% from August's all-time high. With the 2% decline on Tuesday, the stock finished the session below its key 100-day moving average per Yahoo Finance AlphaSpace data.
The stock has underperformed the S&P 500 (^GSPC) this year, rising 10% compared to a 12% advance for the benchmark index.
Two factors may be at play in driving the pullback in Amazon.
For starters, on Tuesday, the Federal Trade Commission (FTC) and 22 states filed a lawsuit alleging that Amazon's advertising practices have overcharged its roughly 1.2 million advertisers by $20 billion from 2019 to the present.
#shares #Stock #alphaspace
Shares of the tech beast have now tanked by about 11% from August's all-time high. With the 2% decline on Tuesday, the stock finished the session below its key 100-day moving average per Yahoo Finance AlphaSpace data.
The stock has underperformed the S&P 500 (^GSPC) this year, rising 10% compared to a 12% advance for the benchmark index.
Two factors may be at play in driving the pullback in Amazon.
For starters, on Tuesday, the Federal Trade Commission (FTC) and 22 states filed a lawsuit alleging that Amazon's advertising practices have overcharged its roughly 1.2 million advertisers by $20 billion from 2019 to the present.
#shares #Stock #alphaspace
9 days ago
