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.
Amazon stock fell in Monday trading after the tech behemoth got a rare downgrade from an analyst, citing headwinds for margin growth.
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