Amazon.com (AMZN) Shares Tank
***Written By: Blain Reinkensmeyer Stock Forum ID: StockTrading101***
Shares of Amazon.com (AMZN) are down over 21% going into the last hour of trading, with volume the third most active on the Nasdaq 100 with over 62 million shares exchanging hands as of 3:07 PM. What exactly happened today? Well the online giant announced second-quarter results and lowered their fiscal 2006 operating income expectations. The raw numbers are to between $310 million and $440 million, a reduction of $85 million from previous guidance.
The stock has a high of $29 on the day, but investors are wishing they would have sold yesterday around $34. A sign of the collapse? in the last hour of trading yesterday volume surged and over 2.5 million shares alone exchanged hands in the last 30 minutes. Perhaps someone knew something we did not.
Happy Hunting.
