Amazon stock loses trillion dollar market cap status with 12% swing lower
jetcityimage

Amazon (NASDAQ:AMZN) opened with a 11.55% drop on Friday and saw its market cap dip back below the one trillion dollar level.
The e-commerce giant's forecast for the lowest level of holiday sales growth in its history rattled investors and could have implications for the retail sector as a whole.
During the AMZN earnings call, CFO Brian Olsavsky said the continuing impacts of broad-scale inflation, heightened fuel prices and rising energy costs have impacted sales growth as consumers assess their purchasing power and organizations of all sizes evaluate their technology and advertising spend.
In early trading on Monday, notable decliners potentially tied to the Amazon (AMZN) report included JD.com (JD) -6.08%, Wayfair (W) -4.91%, Etsy (ETSY) -4.79%, Farfetch (FTCH) -3.88%, Qurate Retail (QRTEA) -3.75%, Coupang (CPNG) -1.75%, Lululemon (LULU) -1.25%, and MercadoLibre (MELI) -1.05%. Analysts said the damage may have been somewhat limited because many of those stocks have already taken on the Q4 guidance hit to trading sentiment.
The big boys of retails did not show much of a negative reaction to the AMZN report. Target (TGT) fell 0.86%, Walmart (WMT) slipped 0.22% and Costco Wholesale (COST) traded flat in the first half hour of trading on Friday.
Time to buy the dip? Seeking Alpha author Stocks and Savings broke down what Amazon is still a strong buy despite the dismal report.