Any stock market followers know why Amazon dropped at 1:45 today?
July 12, 2016 11:52 AM Subscribe
AMZN was going along fine, close to an all time high on Amazon Prime Day today, when it suddenly dropped 1.5%, accompanied by huge volume. Didn't see the same drop in other stocks, so something Amazon related must have happened. Just curious. The market always responds more quickly than the news outlets, but maybe investors or brokers have heard something.
Best answer: There seems to have been a bunch of technical issues with their site during their own "prime day" promotional thingy. Perhaps it's related to that? As for reporting: Fortune, WaPo, Forbes, Time, and a bunch of others.
posted by furnace.heart at 11:56 AM on July 12, 2016 [2 favorites]
posted by furnace.heart at 11:56 AM on July 12, 2016 [2 favorites]
Response by poster: Thanks. The technical difficulties thing makes sense.
posted by weapons-grade pandemonium at 12:01 PM on July 12, 2016
posted by weapons-grade pandemonium at 12:01 PM on July 12, 2016
It's not the tech diffulties thing - it was headlines from channel advisor (a research firm):
from bloomberg:
*CHANNELADVISOR COMMENTS ON AMAZON PRIME DAY SALES IN STATEMENT
*CHANNELADVISOR: 2016 US PRIME DAY SALES IN-LINE WITH 2015
*CHANNELADVISOR: 2016 UK PRIME DAY SALES UP 11% AT NOON ET
*AMAZON FALLS TO LOW; PRIME DAY IN LINE W/ 2015: CHANNELADVISOR
posted by H. Roark at 12:29 PM on July 12, 2016 [4 favorites]
from bloomberg:
*CHANNELADVISOR COMMENTS ON AMAZON PRIME DAY SALES IN STATEMENT
*CHANNELADVISOR: 2016 US PRIME DAY SALES IN-LINE WITH 2015
*CHANNELADVISOR: 2016 UK PRIME DAY SALES UP 11% AT NOON ET
*AMAZON FALLS TO LOW; PRIME DAY IN LINE W/ 2015: CHANNELADVISOR
posted by H. Roark at 12:29 PM on July 12, 2016 [4 favorites]
According to the Fortune article linked by furnace.heart, the problems were first acknowledged by Amazon at 7:40 am EDT, and reported resolved at 11:18 am. Unless there's more going on than what's reported there, that would seem unlikely to cause a sudden drop at 1:40 pm.
posted by DevilsAdvocate at 1:06 PM on July 12, 2016 [1 favorite]
posted by DevilsAdvocate at 1:06 PM on July 12, 2016 [1 favorite]
Maybe people figured they'd made enough money on their shares and decided to cash out while it was up.
posted by Autumnheart at 1:41 PM on July 12, 2016
posted by Autumnheart at 1:41 PM on July 12, 2016
the channeladvisor headlines printed at 1:38PM - its really the source of the drop. a flat US prime day (2015 / 2016 revs) is not what people are looking for.
posted by H. Roark at 1:41 PM on July 12, 2016 [6 favorites]
posted by H. Roark at 1:41 PM on July 12, 2016 [6 favorites]
This thread is closed to new comments.
posted by Karaage at 11:55 AM on July 12, 2016