Amazon: Canary in the Coal Mine?
The beatings continued for $AMZN Monday. Investors have hammered the stock since the company reported much weaker-than-expected earnings last week. Amazon’s fourth quarter EPS of $0.51 on $25.59 Billion in revenues missed Wall Street consensus by 17 cents and $440 million.
Now some cashtaggers say Amazon was the harbinger of broader economic weakness. Manufacturing purchases slowed significantly in January from the prior month, according to ISM’s report Monday. And the sense is that a significant slow down in consumer spending growth may not be far behind.
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