Amazon Inc. (AMZN) fell about 5% in early trade Monday to break its 50-day SMA in the $655-vicinity. There’s a lot of momentum behind the move after Monness Crespi Hardt downgraded the e-commerce giant’s stock to ‘Neutral’ from ‘Buy’ and suspended its price target. The firm estimates the co.’s investments may yield less degrees of upside than delivered throughout FY2015. They also note that while they remain optimistic in the longer term, near term they believe there may be better entry points to build or add to AMZN positions.
After falling to a $642.52 intraday low Amazon shares recently traded at $643. The stock has a 52-week range of $285.25 to $696.44.
Amazon’s market cap — the value of all of the shares of its stock — is currently more than $305 billion. The name is up 117.78% year-over-year, compared with a 0.69% loss in the S&P 500.
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