Amazon shares down 1.5% premarket after Wedbush removes stock from Best Ideas List

amazon-shares-down-1.5%-premarket-after-wedbush-removes-stock-from-best-ideas-list

Amazon.com Inc. shares AMZN, -14.05% fell 1.5% in premarket trade Monday, after the stock was removed from Wedbush’s Best Ideas List. “We are removing Amazon from the BIL due to our investment price discipline,” the firm said in a short statement. The move comes after Amazon shares suffered their worst day in more than 15 years Friday, after the e-commerce and tech giant reported its first quarterly loss in seven years. The drop cost Amazon $206.41 billion in market capitalization, the second-largest total for a single-day market cap decline behind only Meta Platforms Inc.’s FB, -2.56% faceplant earlier this year after the Facebook parent company’s fourth-quarter earnings report, according to Dow Jones Market Data group. After the surprising loss and forecast reduction, Wall Street analysts were downbeat in their assessment, including multiple price-target cuts. Amazon shares are down 25% in the year to date, while the S&P 500 SPX, -3.63% has fallen 13.3%.

Source: Marketwatch

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