The plunge in Amazon.com Inc.’s stock
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.
which had a market cap of $2.33 trillion as of Thursday’s close; Microsoft Corp.
at $1.69 trillion; and Alphabet Inc.
at $1.19 trillion. Amazon’s stock selloff comes as futures
for the S&P 500
declined 0.6%, while futures
for the technology-heavy Nasdaq 100
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