Amazon stock sinks as Wells Fargo downgrades shares
- Posted on October 7, 2024
- By AOL
- 3 Views
Amazon stock sinks as Wells Fargo downgrades shares
Amazon stock dropped amid a downgrade from Overweight to Equal Weight by Wells Fargo. Wells Fargo said Monday that Amazon's strength in the cloud services market won’t be enough to stave off hurdles: rising competition from Walmart, easing income from its advertising business, and high costs linked to its satellite project.