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Summary
- Amazon stock is down significantly after earnings and due to the overall market pullback.
- Earnings contained bright spots that Wall Street overlooked.
- There are challenges ahead, but two metrics indicate that AMZN stock is significantly undervalued.
It’s been an exciting couple of weeks in the market. The Nasdaq (QQQ) remains in correction territory (more than 10% off the recent high), despite staging a modest comeback, as shown below.
This should come as no surprise. Nearly 25% of the index relies on Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA). Warren Buffett’s Berkshire Hathaway (BRK.A)(BRK.B) cut its massive stake in Apple by nearly half, causing some jitters in the market. Meanwhile, Microsoft and Nvidia’s valuations have dropped slightly from historic highs.
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