Amazon.com Inc.'s (AMZN) stock tumbled 4.4% in midday trade, with the e-commerce and cloud giant's market-capitalization dropping below the $700 billion mark for the first time in eight months. Amazon's market has dropped to $682.6 billion, according to FactSet, to make the company only the fourth largest in the U.S., behind Google parent Alphabet Inc. (GOOGL) which is valued at $690.5 billion. The two biggest U.S. companies are currently Microsoft Corp. (MSFT) at $765.1 billion and Apple Inc. (AAPL) at $728.1 billion. Amazon's market cap had briefly topped $1 trillion when the stock reached an all-time intraday high of $2,050.50 on Sept. 4. Amazon's stock has now shed 27.1% over the past three months but was still up 19.4% year to date. In comparison, the Nasdaq Composite has shed 19.8% the past three months and the Dow Jones Industrial Average has lost 14.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 21, 2018 12:28 ET (17:28 GMT)
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