This is not a paywall.

Register for free to continue reading.

We made a promise to you that we’ll never erect a paywall and we intend to keep that promise. We also want to continually improve your reading experience and you can help us do that by registering with us. It’s quick, easy and will cost you nothing.

Nearly there! Create a password to finish up registering with us:

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

Ramaphosa's energy plan Webinar banner

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Amazon’s Biggest Drop Since 2014 Caps Miserable Month...

Business Maverick

Business Maverick

Amazon’s Biggest Drop Since 2014 Caps Miserable Month for Tech

Signage is displayed outside the new Amazon Go grocery store in Seattle, Washington, U.S., on Tuesday, Dec. 6, 2016. Amazon.com Inc. unveiled technology that will let shoppers grab groceries without having to scan and pay for them -- in one stroke eliminating the checkout line. Photographer: David Ryder/Bloomberg
By Bloomberg
29 Apr 2022 0

Amazon.com Inc. shares are tumbling on Friday, with the e-commerce company seeing its biggest intraday percentage drop since July 2014, after it gave an outlook that was seen as disappointing.

Shares fell as much as 12% in early trading in New York, taking shares to their lowest since June 2020. The drop erased about $170 billion off the company’s market valuation. Amazon shares are down more than 20% for the month, their biggest one-month percentage drop since December 2018.

The slump represents the latest hit to Wall Street’s biggest names, which have come under heavy pressure in April amid a tumultuous earnings season and concerns over Federal Reserve policy. The Nasdaq 100 Index is down as much as 11% this month, erasing $1.75 trillion off the tech-heavy index’s market capitalization.

Wall Street's biggest names have tumbled in April

Read more: Investors See $1.8 Trillion Value Vanish in a Month

Wells Fargo Securities was one of a number of firms that cut its price target on the stock.

“We believe the company is likely experiencing some demand weakening, at least on the margin,” wrote analyst Brian Fitzgerald, who cut his target to $4,000 from $4,250. He sees positive long-term prospects, but expects cost headwinds will weigh on operating income in the near term.

Trillion Dollar Drop | Apple, Microsoft, Amazon, Alphabet and Tesla combine to lose more than $1T

Alphabet Inc. shares are down as much as 17% for the month of April, putting the Google parent on track for its biggest one-month percentage loss since March 2020. The company has lost nearly $300 billion in market value over the month of April, with weak first-quarter revenue weighing on shares this week.

Among other names, Apple Inc. rose 0.3% on Friday after the iPhone maker reported its results and warned about the impact that supply constraints would have on revenue. The day’s modest gain wasn’t enough to offset losses earlier in the month; Apple is down as much as 7.9% for the month of April, putting it on track for its biggest one-month drop since February 2021.

Microsoft Corp. is down 6.3% for April, even after it reported results that were seen as strong. Meta Platforms Inc. is down as much as 8.4% for April, even with a huge spike in the wake of results on Thursday.


Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted