Amazon Wipes Out $17 Billion From Eight Companies in One Day

Billions down in market values after just two announcements

Image Credits: Petty Officer 2nd Class Timothy / U.S. DoD.

Amazon wiped out $17.5 billion from eight companies’ market values Thursday with just two announcements.

The e-commerce giant has become a force on Wall Street. Even a hint it might take on a new industry can send investors running and stocks tumbling. That was evident Thursday.

Amazon said it would recruit entrepreneurs to run local delivery networks, a move that could divert business from carriers FedEx and UPS. Together, the two companies lost nearly $3 billion in market value on Thursday, with UPS bearing the greatest losses.

Read more

Also: