Amazon Stock experiences its largest one-day decline since 2006, down 14% after the quarterly loss report

A victim of the latest spasm of market volatility, Amazon shares fell 14% today on a poor first quarter earnings report.

According to Bloomberg, it was the company’s worst overnight decline since 2006. The withdrawal, which took the stock to $ 2,485.63, wiped out more than $ 200 billion in market value. Last March, Amazon announced a 20-1 stock split, to be awarded to record shareholders beginning June 3.

Amazon stock has been a favorite of the pandemic, on the rise even as the world faced a grueling closure and deep uncertainty in 2020 and 2021, and businesses across many industries suffered a severe crisis. Along with other so-called “stay at home” promotions like Netflix and Peloton, Amazon suddenly finds itself facing ups and downs with investors. Although its overall business remains largely on track, the tech giant posted a loss of $ 4 billion in the quarter ended March 31, the first quarter in the red since 2015. It also noted that the current quarter reveals a certain softness.

Trading today hurt most of the stocks, with the heavily tech Nasdaq down more than 4%. The S&P 500, which dropped nearly as much, had the worst start since 1939.

In the media and technology sectors, Roku and Imax were among the winners.

However, many bulls remain optimistic. Cowen & Co. analyst John Blacklage lowered his price target but repeated his “overweight” (buy) rating on the stock. In a note to clients, he said the current hype in 2022 “shapes the story of the second half.” One of the main moves that stood out was Amazon’s decision to move Prime Day, usually the fourth quarter e-commerce event, from the fourth. From the fourth to the third quarter. This can create a period of sustainable sales during the traditionally hectic end of the holiday season.