August 10, 2000
Amazon Stock Dips After "Underperform" Rating
After investment research firm Sanford C. Bernstein handed Amazon.com its first "underperform" rating, shares of the company declined yesterday. The company's stock fell $2.19 a share, or almost 7 percent, to $30.75. The unfavorable rating came less than two weeks after Merrill Lynch analyst Henry Blodget lowered his rating on the company from "accumulate" to "buy." The company has seen a slew of downgraded ratings since it reported second-quarter revenue of $577.9 million -- a 1 percent gain from the first quarter and about $7 million less than Wall Street expected.