Traders May Finally Be Getting Tired of Trump's Rants on Amazon
(Bloomberg) -- Amazon has finally managed to shrug off a social-media lashing from the President.
The stock is up about 0.4 percent, recovering from an early loss, after a tweet this morning from Trump about the "many billions of dollars" that the company is costing the U.S. Post Office. This follows a Vanity Fair article last night that said Trump is reportedly looking at ways to "escalate his Twitter attacks on Amazon to further damage the company," and a Twitter post from a Vanity Fair correspondent Tuesday saying Larry Kudlow reportedly agrees with Trump that Amazon is a “problem.”
Amazon is outperforming the broader market, as well as its peers in the FAANG complex, implying that the persistent barrage of Trump tweets may be wearing on traders. Amazon is down 11 percent in the past week versus recent tech doghouse member Facebook down about 2 percent.
Analysts from Piper Jaffray to D.A. Davidson defended Amazon this morning, as many on the sell-side have done since Axios reported last week that Trump is more interested in targeting the company instead of Facebook.
In a note, Piper analyst Michael Olson said he expects more chatter on Amazon throughout Trump's tenure, though “little will change which has the potential to negatively impact” the company's growth trajectory. Meanwhile, Bank of America removed Facebook from its U.S. focus list this morning.
To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Joanna Ossinger
©2018 Bloomberg L.P.
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