Why Amazon Stock Stumbled Today
Monster retailer Amazon (NASDAQ: AMZN) doesn't often lose, so shareholders get discouraged when the company doesn't come in first in a contest. That was the situation on Tuesday, when a rival's bid was selected for a big healthcare asset that was in play. As a result, Amazon's share price closed the day over 1% lower, a steeper fall than that of the S&P 500 index.
Amazon was vying for healthcare services company Signify Health, but the nod ended up going to CVS Health, whose bid was worth roughly $8 billion. Other companies participating in the effort to acquire Signify were UnitedHealth Group and Option Care Health.
Among that crowd, Amazon was a bit of an outlier. UnitedHealth and Option Care are pure-play healthcare companies. Amazon, which has always aimed to be a retailer of any product or service imaginable, is still considered by many to be more of a giant online shopping outlet than a provider of healthcare services.
Source Fool.com
