Wall St finally turning on Amazon as Bezos magic fades

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Amazon CEO Bezos talks about his company's new Fire smartphone at a news conference in Seattle, Washington

By Deepa Seetharaman and Ross Kerber SAN FRANCISCO/BOSTON (Reuters) – Amazon.com Inc’s once fairy-tale ride on Wall Street has hit its most jarring bump yet. The company that for years enthralled investors with improbable growth and earned one of the technology sector’s highest valuations drew widespread ire after a spectacular results letdown on Thursday. Amazon missed expectations across the board – on margins, on its net loss and on revenue. “They’re becoming much too distracted in all these other efforts” outside core businesses like online retailing and web services, said Matthew Benkendorf, portfolio manager at Vontobel Asset Management. Benkendorf unloaded his Amazon holdings a year ago and said he would be skeptical of future involvement even if the stock falls further.

Source: https://in.news.yahoo.com/wall-st-finally-turning-amazon-bezos-magic-fades-023503070–finance.html

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