The plunge in Amazon.com Inc.’s stock AMZN, -9.31% following a disappointing third-quarter earnings report and outlook puts the ecommerce giant on track to lose its place as a trillion-dollar company for the first time in 2 1/2 years. The stock dropped 12.0% in premarket trading, and is heading for the first trade below the $100 level during regular-session hours since April 7, 2020. With 10.202 billion shares outstanding as of Oct. 19, the implied price decline would erase about $135.4 billion in market capitalization, to knock the total market down to about $996.6 billion. The last time Amazon closed below the $1 trillion market-cap line was April 6, 2020. That would leave just three $1+ trillion market cap companies: Apple Inc. AAPL, +4.72%, which had a market cap of $2.33 trillion as of Thursday’s close; Microsoft Corp. MSFT, +1.39% at $1.69 trillion; and Alphabet Inc. GOOGL, +1.07% GOOG, +0.75% at $1.19 trillion. Amazon’s stock selloff comes as futures ES00, +0.18% for the S&P 500 SPX, +0.80% declined 0.6%, while futures NQ00, +0.15% for the technology-heavy Nasdaq 100 NDX, +1.06% shed 0.9%.
