Afterhours Massacre as Amazon Plunges, Apple, Intel, Tesla, even Meta Dive | Wolf Street

Amazon [AMZN] shares plunged as much as 11% afterhours and currently trade down 9%, at $2,631, down 30% from their 52-week high, and back where they’d first been in June 2020.

This debacle is occurring despite the huge bout of financial engineering in early March to stem the slide of its shares at the time: Its announcement of a most-splendid but useless 20-for-1 stock split and an even more splendid share buyback program that it wants to fund with an enormous amount of borrowed cash. But the bloom has come off the rose, even tried-and-true financial engineering doesn’t do the trick anymore, and shares just let go

This makes Amazon the third giant, behind Meta [FB] and Alphabet [GOOG], whose hyperinflated shares have broken and are falling apart.

Meta [FB], my goodness, its shares spiked 17.6% during the day, then dipped 1.3% afterhours, but shares have plunged so far so hard that the huge big fat mega giant spike today is barely visible on the chart, and it has the glorious looks of a feeble dead-cat bounce-let, with shares down 47% from the August peak:

Afterhours Massacre as Amazon Plunges, Apple, Intel, Tesla, even Meta Dive | Wolf Street