A more than 2% morning rally in Amazon.com Inc.’s stock
AMZN,
wasn’t enough, as a big comeback by bears puts stock in danger to suffering a seventh-straight loss. The stock traded as high as $132.03, or 2.1% above Thursday’s close, at about 11:07 a.m. Eastern, before pulling a U-turn. The stock was down as much as 0.6% at its intraday low of $128.52, at about 2:18 p.m., before paring some losses to last be down 0.2%. A seventh-session losing streak would be the stock’s longest since the seven-day stretch that ended Nov. 3, 2022. Amazon’s stock has shed 10.9% during its current losing streak, which started after it closed at a 17-month high of $144.85 on Sept. 13. The company said earlier Friday that it will add limited advertising to its Prime Video product starting in early 2024. On Thursday, the stock had shed 4.4%, the biggest loss during its losing streak, after three executives were added to the Federal Trade Commission’s lawsuit. With the pullback, the stock is now down 6.5% month to date, which puts it on track to snap a six-month winning streak, which was the longest such streak since the six-month streak that ended July 2011. The stock has still rallied 53.7% year to date, while the S&P 500
SPX,
has gained 12.7%.
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