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Amazon shares closed down 6.3 percent on Monday suffered their steepest two-day tumble in more than four years, as investors continued to flee the stock following Thursday's disappointing earnings report.
The stock dropped $103.93 to $1,538.88 at the close, after losing $139.36, or 7.8 percent, on Friday, and is trading at its lowest price since April, down 23 percent over the past month. The 13.7-percent drop over two days is the biggest decline since February 2014, when the shares plummeted 14.1 percent.
Amazon reported third-quarter revenue last week that trailed analysts' estimates and also provided a fourth-quarter outlook that was below expectations. The stock dragged down the Nasdaq, which closed down 1.6 percent on Monday. Netflix, which like Amazon has been a favored stock for tech investors in recent years, is in the midst of a hefty two-day drop, down 9 percent.
Monday was a tumultuous day for tech stocks broadly as markets opened to the news that IBM agreed to buy cloud software distributor Red Hat for $34 billion, a 63 percent premium. Red Hat surged on the news, while IBM was down 4.1 percent.