Amazon market cap sinking $135 billion, set to fall below $1 trillion for first time in 2 1/2 years

The plunge in Amazon.com Inc.’s stock
AMZN,
-6.80%
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,
+7.56%,
which had a market cap of $2.33 trillion as of Thursday’s close; Microsoft Corp.
MSFT,
+4.02%
at $1.69 trillion; and Alphabet Inc.
GOOGL,
+4.41%
GOOG,
+4.30%
at $1.19 trillion. Amazon’s stock selloff comes as futures
ES00,
+2.71%
for the S&P 500
SPX,
+2.46%
declined 0.6%, while futures
NQ00,
+3.47%
for the technology-heavy Nasdaq 100
NDX,
+3.17%
shed 0.9%.