Stocks – Midday Movers: Amazon Leads Techs Lower


Stocks - Midday Movers: Amazon Leads Techs Lower – Amazon (NASDAQ:AMZN) shares struggled midday on a report of employee misconduct, which led to an overall selloff in the tech sector.

Amazon lost about 2.14% at 12:18 PM ET (16:18 GMT).

The company is investigating whether employees sold confidential internal information to third parties to help them boost sales, The Wall Street Journal reported.

“We hold our employees to a high ethical standard and anyone in violation of our Code faces discipline, including termination and potential legal and criminal penalties,” the company said in a statement to the Journal.

Amazon was among a host of big-name tech stocks that were struggling in midday trading.

Among its other FAANG counterparts, Facebook (NASDAQ:FB) fell about 1.0%, Apple (NASDAQ:AAPL) lost about 1.7%, Netflix (NASDAQ:NFLX) slid about 2.1% and Google parent Alphabet (NASDAQ:GOOGL) was down about 0.9%.

The S&P Information Technology sector index fell about 0.8%.


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