Why Amazon Stock Didn't Deliver on Thursday
Mighty Amazon (NASDAQ: AMZN) wasn't energetic enough to keep pace with the stock market on Thursday. The giant retailer's shares inched up less than 0.2% on the day, and were thus trounced by the frothy S&P index's 1.4% gain. Slightly bearish adjustments from a high-profile investment bank were the culprit.
That morning, Morgan Stanley prognosticator Brian Nowak reduced his estimates of earnings before interest, taxes, depreciation, and amortization (EBITDA) for Amazon's full-year 2022 and 2023. The former took a roughly 15% haircut, while the latter was trimmed by around 2%.
Image source: Amazon.com.
Source Fool.com
