Amazon's Miss Threatens to Weigh on Stocks, Though Apple's May Not
- Quarterly results from both tech giants disappoint investors
- Amazon falls as much as 5% in Friday trading, Apple 4%
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Data from the past 20 years shows that when Amazon.com Inc.’s quarterly earnings miss estimates, the stock more often than not falls over the next month. The same isn’t true for Apple Inc.
That may offer some relief for investors concerned about both of the tech heavy-hitters having releasing disappointing results after the bell on Thursday. Amazon’s earnings per share and revenue trailed estimates; Apple’s revenue fell short too, but its EPS matched. Both stocks, which together account for about 10% of the market value of the S&P 500, are sliding in Friday morning trading, with Amazon down the most since July and Apple the most since March.