Amazon enters correction territory
Amazon.com (NASDAQ:AMZN) set a pace to enter correction territory on Monday, as shares traded lower amid a broader retreat for tech stocks.
The e-commerce company’s shares fell 2.1% to $935.33 in recent trading. The stock has dipped more than 10% from its all-time closing high, which would mark the start of a correction if Amazon doesn’t rebound.
Amazon posted a closing high of $1,052.80 on July 26. As long as it closes at or below $947.52, Amazon will officially enter correction territory.
Amazon traded to a new record on the eve of its most recent quarterly earnings report. It recorded a 77% decline in earnings and missed Wall Street’s estimates by a wide margin. Revenue came in at $38 billion, slightly ahead of expectations.
The Seattle-based company completed its $13.7 billion acquisition of organic grocery chain Whole Foods last month. Prices for certain Whole Foods products were cut shortly after Amazon took over the retailer.
FOX Business Network’s Charlie Brady contributed to this report.
