Why Amazon Stock Was Slipping Today
Amazon (NASDAQ: AMZN) stock was pulling back today as a combination of reports that the company planned to make a bid for home healthcare specialist Signify Health (NYSE: SGFY) and a broader market sell-off on fears of rising interest rates weighed on the stock this morning.
As of 10:18 a.m. ET, Amazon stock was down 3.3%.
Over the weekend, The Wall Street Journal reported that Amazon was among the bidders angling to take over Signify Health, which said in early August that it was open to an acquisition. That news sent shares of Signify, which provides technology to help in-home care providers, up nearly 40%, but Amazon was moving in the opposite direction. The tech giant is up against CVS Health and UnitedHealth in what is shaping up to be a bidding war that could value the home healthcare company at more than $8 billion. Bids are due around Labor Day, according to the Journal.
Source Fool.com
