Why Amazon Stock Traded Lower on Thursday
Shares of Amazon (NASDAQ: AMZN) slipped on Thursday, losing as much as 2.2%. As of 3:11 p.m. ET, the stock was still off 2%.
The catalyst that drove the e-commerce and cloud computing giant lower was bullish commentary by a Wall Street analyst -- about a competitor.
Wedbush analyst Daniel Ives released the results of his quarterly channel checks in the cloud computing segment. Ives was particularly bullish on Microsoft's (NASDAQ: MSFT) prospects, "as the Azure cloud growth story is hitting its next gear of growth in Redmond."
Source Fool.com
