Amazon's moves into new sectors spark sell-offs, but they are often buying opportunities

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A pharmacist helps a customer at a Walgreens pharmacy in Wheeling, Illinois.
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(This story is for CNBC Pro subscribers only).

Pharmacy stocks were rocked in mid-November by the arrival of Amazon Pharmacy, one of a series of market-shaking moves by the Jeff Bezos-led disrupter.

Though the tech giant's interest in health care was no surprise, traditional pharmacies like CVS and Walgreens Boots Alliance saw their shares fall sharply on Nov. 17, along with those of drug price marketplace GoodRx. A similar pattern held this month, with Teladoc sliding after a Dec. 16 report from Business Insider that Amazon was exploring a move into telehealth.

The initial moves are a clear sign of Amazon's perceived power, but whether the short-term will transform into long-term struggles, however, is murkier. Some Wall Street analysts and financial advisors say these first-day stock slides are reacting more to Amazon's bark than its bite.

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