How to save $25,000 on Amazon.com and ecommerce services
The Amazon., Inc. (AMZN) stock market fell by more than $2,000 in early trading Friday as investors warned that the online retailer’s ecommerce business could struggle as it tries to rebuild its online presence following the death of founder Jeff Bezos.
The Dow Jones Industrial Average fell nearly 23 points, or 0.4%, to 18,831.28, the S&P 500 dropped 0.1% to 2,934.19 and the Nasdaq Composite dropped 1.6% to 5,908.93.
The Nasdaq composite lost 1.4% to 6,086.53.
Amazon shares fell about 1%.
The S&p 500 index of stocks fell about 3%.
The Nashex, a digital currency, fell to $7.60 from $7,979.
The Dow Jones industrial average of stocks rose 1.2%.
The S&P 500 is up about 8% since the start of the year.
Amazon.com Inc. stock is on a tear.
The ecommerce giant has seen a surge in new orders and customers as it re-opens its online shopping sites in the face of the death in February of Bezos, the billionaire founder and founder of the online retail giant Amazon.
The company has been under increasing pressure from critics over its failure to offer a compelling online experience, which they say has hurt the bottom line.
Amazon, which has been a pioneer in the ecommerce market, said Friday that it will sell off assets that will give it more time to rebuild.
The company has $9.2 billion in cash and $1.9 billion in short-term investments.
A slew of new stores opened in New York City in the past month, opening up a new avenue for customers to shop at their favorite retailers, including online retailers like Amazon.
That influx of customers also has led to an influx of sales at retailers such as Macy’s Inc. and Bloomingdale’s Inc., which together account for about half of Amazon’s online retail business.
Amazon said Thursday that it had surpassed 10 million online orders in the U.S. on Wednesday.
Amazon has been struggling to compete with online rivals like Wal-Mart Stores Inc. that offer cheaper prices, lower prices, and the ability to have their goods delivered from warehouses in other countries.
Wal-Marts, which have seen strong growth in recent years, said they expect to sell more than 30 million more goods this year than last.
Wal-Mart has said that it is focusing on getting the Amazon store to become a full-fledged online store and said it plans to open more than 2,000 new stores over the next year, which would be a major expansion of its online operations.
The companies have said they will continue to operate under different names as they rebuild their business.