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Did President Trump Send Amazon (AMZN) Stock Lower?
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Shares of Amazon (AMZN - Free Report) dipped about 4% in morning trading Wednesday after reports suggested that President Donald Trump is not a fan of the e-commerce company and would like to adjust its tax treatment.
Citing five sources that have talked to the president about Amazon, Axios said that Trump wants to “go after” the Jeff Bezos-led company. Trump has also suggested altering the company’s taxes because several of his friends have told him that Amazon is hurting their own businesses and “killing shopping malls and brick-and-mortar retailers,” the media outlet reported.
“He’s obsessed with Amazon,” one source told Axios. “Obsessed.”
Amazon shares slumped as low as $1,386.17 in early morning hours Wednesday, which marked more than a 7% dip from Tuesday’s close. Trump’s reported comments likely spooked investors amid continuing volatility that has pummeled the tech sector this week.
Of course, this is not the first time investors have heard Trump’s opinion of Amazon. The president has made several public remarks about the e-commerce brand before, including a number of posts on Twitter that question the company’s tax strategies.
“Amazon is going great damage to tax paying retailers. Towns, cities, and states throughout the U.S. are being hurt – many jobs being lost!,” Trump tweeted on Aug. 16, 2017.
The president also appears to have disdain for Jeff Bezos, who also owns The Washington Post—a newspaper that has been vocal critic of the Trump administration. Trump has repeatedly referred to the publication as the “Amazon Washington Post.”
Nevertheless, the White House has not taken an official stance on Amazon and the tax practices of e-commerce companies yet. Amazon does collect sales taxes from shoppers in all states with a sales tax, rounding out its list with four new states in April 2017.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think.
Image: Bigstock
Did President Trump Send Amazon (AMZN) Stock Lower?
Shares of Amazon (AMZN - Free Report) dipped about 4% in morning trading Wednesday after reports suggested that President Donald Trump is not a fan of the e-commerce company and would like to adjust its tax treatment.
Citing five sources that have talked to the president about Amazon, Axios said that Trump wants to “go after” the Jeff Bezos-led company. Trump has also suggested altering the company’s taxes because several of his friends have told him that Amazon is hurting their own businesses and “killing shopping malls and brick-and-mortar retailers,” the media outlet reported.
“He’s obsessed with Amazon,” one source told Axios. “Obsessed.”
Amazon shares slumped as low as $1,386.17 in early morning hours Wednesday, which marked more than a 7% dip from Tuesday’s close. Trump’s reported comments likely spooked investors amid continuing volatility that has pummeled the tech sector this week.
Of course, this is not the first time investors have heard Trump’s opinion of Amazon. The president has made several public remarks about the e-commerce brand before, including a number of posts on Twitter that question the company’s tax strategies.
“Amazon is going great damage to tax paying retailers. Towns, cities, and states throughout the U.S. are being hurt – many jobs being lost!,” Trump tweeted on Aug. 16, 2017.
The president also appears to have disdain for Jeff Bezos, who also owns The Washington Post—a newspaper that has been vocal critic of the Trump administration. Trump has repeatedly referred to the publication as the “Amazon Washington Post.”
Nevertheless, the White House has not taken an official stance on Amazon and the tax practices of e-commerce companies yet. Amazon does collect sales taxes from shoppers in all states with a sales tax, rounding out its list with four new states in April 2017.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think.
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