Why Amazon Stock Tumbled Wednesday Morning
Shares of e-commerce and cloud computing kingpin Amazon (NASDAQ: AMZN) slumped Wednesday, shedding as much as 3.1%. As of 1:36 p.m. ET today, the stock was still down 2.6%.
The downtrend in the broader market certainly didn't help, but the catalyst that pushed the stock lower was a report that U.K. regulators could launch an investigation into both Amazon's and Microsoft's (NASDAQ: MSFT) cloud practices.
The U.K.'s media and communications regulator, Ofcom, released a statement saying it has "significant concerns" about practices used by Amazon and Microsoft in the cloud infrastructure market. The regulatory body said it had conducted a market study and "has provisionally identified features and practices that make it more difficult for customers to switch and use multiple cloud suppliers."
Source Fool.com
