: Amazon stock sinks, as Microsoft’s ‘worrisome’ cloud outlook prompts UBS price target cut

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Shares of Amazon.com Inc. AMZN sank 2.3% in morning trading Wednesday, to pare earlier losses of as much as 5.0%. The stock was one of the top 5 decliners in the S&P 500’s SPX consumer discretionary sector XLY, but the reason for the selloff isn’t about the e-commerce giant’s retail business. The stock’s selloff comes after Microsoft Corp. MSFT warned late Tuesday about slowing growth in its cloud business. Meanwhile, Microsoft shares shed 3.0%. Amazon’s cloud business, or AWS, generated $16.11 billion in sales during the third quarter, or 14.5% of total sales, while AWS operating income of $4.88 billion was 101% of total…

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

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