Shares of Amazon.com Inc.
AMZN,
sank 2.8% in morning trading Thursday, putting them on track to suffer a sixth-straight decline, after three executives were added to the Federal Trade Commission’s lawsuit against the ecommerce and cloud giant. The stock has tumbled 9.2% during its current losing streak, which would be the longest since the six-day stretch that ended Feb. 10, 2023. The losing streak started after the stock closed at a 17-month high of $144.85 on Sept. 13. The stock has been pulling back amid increasing expectations that the FTC will file a major antitrust lawsuit against Amazon. But D.A. Davidson analyst Tom Forte said investors should worry too much that the lawsuit might eventually lead to a break up of the company, since his “sum-of-the-parts” analysis suggest the stock could be worth as much as $193, or as little as $148, which implies upside of TK% to TK% from current levels. The stock has rallied 56.6% year to date, while the S&P 500
SPX,
has advanced 13.7%.
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