Amazon.com (AMZN) NewsBite - Amazon.com Plunges on OSTK Downgrade

Friday, July 18, 2008 3:44 PM EDT

Amazon.com Inc. (AMZN) opened at 69.94. So far today, the stock has hit a low of 68.89 and a high of 70.84. AMZN is now trading at 68.97, down 3.14 (-4.49%). The stock hit its 52 week high of 101.09 in October and set its 52 week low of 61.20 in March. AMZN has been slipping for most of the past year. Shares of Amazon.com have been plunging today with other online discount retailers dragged down by rival Overstock.com Inc. (OSTK) whose shares lost over 37% after a Stifel Nicolaus & Co. analyst downgraded the stock to "Sell" from "Neutral," warning the company's revenue growth may drop by 2009. Technical indicators for the stock are bearish and steady while S&P gives AMZN a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $90 range. AMZN stock could rise up to 30.5% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]

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