This story was originally published here.
Wall Street was under pressure on Friday as President Donald Trump ramped up the heat on China. He’s calling out its early handling of the novel coronavirus — threatening economic actions as punishment.
This includes another round of possible trade tariffs and limits on U.S. capital investment flows into China. This is all it took to pull stocks back after a historic rally in April.
Adding to the pressure Friday were some disappointing earnings results and guidance from several big technology and internet stocks. As a result, a growing number of widely held stocks are rolling over badly and should be sold.
Stocks to Sell: Amazon (AMZN)
AMZN shares closed down 7.6% on Friday, threatening to move below their 20-day moving average for the first time since mid-March. Why? The downward move was partially a result of disappointing guidance.
But it was also thanks to reports that CEO Jeff Bezos could soon be testifying in front of Congress on concerns over Amazon’s business practices.
The company reported earnings of $5.01 per share, which was $1.22 lower than analysts expected. It also warned that the $4 billion in profit it would normally expect in the second quarter would be eaten up by pandemic-related expenses.
Editor's Note: To see the other three stocks to sell, click here.
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