The Five Dumbest Things on Wall Street This Week
1. The Proof Is in the Pudding
Amazon.com (AMZN) is getting its just desserts.
Shares of the Seattle-based online commerce giant
Big selloffs are nothing new for Amazon, which at the height of the Internet bubble once fetched a split-adjusted $113 a share. But the latest swoon shows Wall Street isn't buying CEO Jeff Bezos' growth strategy.One sore point is the Amazon Prime promotion that gives users a year of free shipping after they pay a one-time fee of $79. Analysts believe Amazon Prime is crushing profit margins by boosting shipping costs. But Bezos stoutly defends Amazon Prime. "We see an increase in sales from those Amazon Prime members," he said on Tuesday's post-close
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