Amazon market cap sinking $135 billion, set to fall below $1 trillion for first time in 2 1/2 years

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The plunge in Amazon.com Inc.’s stock AMZN, -6.80% following a disappointing third-quarter earnings report and outlook puts the ecommerce giant on track to lose its place as a trillion-dollar company for the first time in 2 1/2 years. The stock dropped 12.0% in premarket trading, and is heading for the first trade below the $100 level during regular-session hours since April 7, 2020. With 10.202 billion shares outstanding as of Oct. 19, the implied price decline would erase about $135.4 billion in market capitalization, to knock the total market down to about $996.6 billion. The last time Amazon closed below the $1 trillion market-cap line was April 6, 2020. That would leave just three $1+ trillion market cap companies: Apple Inc. AAPL, +7.56%, which had a market cap of $2.33 trillion as of Thursday’s close; Microsoft Corp. MSFT, +4.02% at $1.69 trillion; and Alphabet Inc. GOOGL, +4.41% GOOG, +4.30% at $1.19 trillion. Amazon’s stock selloff comes as futures ES00, +0.30% for the S&P 500 SPX, +2.46% declined 0.6%, while futures NQ00, +0.33% for the technology-heavy Nasdaq 100 NDX, +3.17% shed 0.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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