Amazon.com Inc.’s stock (AMZN) rallied more than 2% in the morning, but despite the initial surge, bears have made a strong comeback, putting the stock at risk of suffering its seventh-straight loss. The stock reached a high of $132.03, which was 2.1% above Thursday’s closing price, at around 11:07 a.m. Eastern time. However, it quickly reversed course. At its lowest point of the day, the stock fell by as much as 0.6% to $128.52 around 2:18 p.m., but managed to recover slightly and is now down 0.2%.
If this losing streak continues, it will be the longest one for Amazon’s stock since a seven-day stretch that ended on November 3, 2022. During the current losing streak, the stock has already dropped by 10.9%, starting from its 17-month high of $144.85 on September 13. In an effort to boost revenue, the company recently announced that it will introduce limited advertising to its Prime Video product in early 2024.
Yesterday, the stock suffered its biggest loss of the losing streak, falling by 4.4%, after three executives were included in a lawsuit by the Federal Trade Commission. As a result of the pullback, the stock is now down by 6.5% for the month, jeopardizing its six-month winning streak. This previous streak was the longest one since July 2011. However, for the year as a whole, the stock still boasts an impressive rally of 53.7%, while the S&P 500 has gained 12.7%.
