Amazon falls after Morgan Stanley cuts rating to 'equalweight'
Amazon.com Inc., the largest Internet retailer, fell as much as 5.1 percent after Morgan Stanley cut its recommendation to “equalweight” from “overweight.”
The Seattle-based company had the second-biggest decline on the Standard & Poor's 500 Index. The shares slumped 4.3 percent to $176.52 at 10:12 a.m. in New York, after falling to $175.14. That was the most on an intraday basis since Feb. 1, when the company reported fourth-quarter revenue that missed estimates.
Before today, Amazon.com had gained 6.6 percent this year, while the S&P rose 6.8 percent.
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