Why Amazon Stock Withered on Wednesday
News that Amazon (NASDAQ: AMZN) is apparently retreating from a potentially lucrative business sent the company's share price down on Wednesday. It closed the trading day nearly 3% lower, a notably worse performance than the 1% decline of the bellwether S&P 500 index.
Just before market close Tuesday, CNBC published an article stating that Amazon is closing its Amazon Today service. Citing unnamed individuals "with knowledge of the matter," CNBC said the online retailer has completely halted any further development of the program, in advance of winding it down.
Those sources said that Amazon Today, which provides same-day delivery from brick-and-mortar stores and shopping mall locations, will be shuttered by this coming Dec. 2. Customers will be able to obtain goods through the program from certain stores through next Jan. 24, the company told the broadcaster. Those retailers weren't identified.
Source Fool.com
