Well, that didn’t last.
Amazon’s Stock Fizzles After Fire Phone Pop
Amazon’s stock is trading down four percent since its post-phone release peak.
Ina Fried
Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He was a senior correspondent at Vox.
Just two days after Amazon introduced its first smartphone, investors have wiped the event from memory.
Amazon’s stock climbed around three percent on Wednesday to $335, moments after Jeff Bezos unveiled the Fire phone in an event in Seattle. By midday Thursday, Amazon was trading at $327, down close to its pre-event level of $326.
Now, at about noon ET on Friday, the stock is trading at $322 — down about another percent.
What does it all mean? For some traders, probably the difference between millions gained and lost. For Bezos? A reminder that Wall Street is fickle and should mostly be ignored.
This article originally appeared on Recode.net.
