Amazon.com (AMZN) - Get Report and Snap may feel push-back from investors, with some concerned about the e-commerce giant's Echo sales and the latter group potentially skeptical of the social media image-sharing company's valuation heading into its IPO.

Amazon is seeking to quash a search warrant issued by Arkansas authorities, who are investigating a 2015 murder. The victim, Victor Collins, was found dead in a hot tub at the home of James Andrew Bates. And stationed near the hot tub was an Amazon Echo, which was playing music at the time.

The Internet of Things (IoT) device is capable of picking up ambient sounds while it is playing music and these recordings are stored in the Amazon cloud, not the device. As a result, Arkansas authorities want access to those recordings to see if it provides information and clues to Collins' death. Bates, who has pleaded not guilty, alleges Collins was the victim of an accidental drowning.

Amazon, however, is fighting the search warrant, citing the first Amendment which allows U.S. citizens the right to free speech. The e-commerce titan argues that turning over the recordings would "chill" Echo users from speaking freely within their own homes.

Should that be the case, it could potentially put a dent in Amazon's Echo sales and other manufacturers' IoT devices that rely on voice commands. It would also come at a time when consumers and businesses are becoming more comfortable with IoT devices.

Research firm Gartner estimates that 20.8 billion devices will be connected by 2020, up substantially from the 6.4 billion in 2016, when an estimated $235 billion was spent on services to support the IoT devices.

Amazon dipped 0.82% to close at $845.24

Social media and image-sharing company Snap is facing skepticism over its valuation as it heads toward an IPO.

The company reportedly was at one time aiming for an IPO valued in excess of $25 billion but decided to set its initial pricing range at $14 to $16 a share, pointing to a more muted valuation of $18.5 billion on the high side of that range.

However, even at this range, some folks believe it's a gamble and the reception at its road show has been somewhat cool.

This bodes well for rival Facebook (FB) - Get Report , since the fewer billions that Snap can raise in its IPO means less money that it will have in its arsenal to compete against Facebook.

Facebook rose 0.06% to end the day at $135.44.

Hewlett Packard Enterprise (HPE) - Get Report plunged 6.9% after issuing its full-year guidance below analysts' expectations.

The enterprise company released its first-quarter earnings results after the markets close Thursday, noting it expected full-year earnings in the $1.88 to $1.98 per share range, a drop from its previous forecast of $2 to $2.10 a share.

The company is still struggling to get its bearings after having spun off its printer and PC business to HP (HPQ) - Get Report over a year ago.

"Near-term execution issues," were cited among the reasons for the drop in the full-year guidance, along with higher commodities prices for server memory chips, foreign exchange headwinds and an order shortfall, according to its CEO Meg Whitman.

For the first quarter, Hewlett Packard Enterprise beat Wall Street's earnings estimates by a penny but failed to meet analysts' revenue estimates. The company reported adjusted earnings of 45 cents a share on revenue of $11.41 billion, whereas analysts were expecting 44 cents a share on revenue of $12.07 billion.

Hewlett Packard Enterprise's revenue dropped 10%, compared with year-ago figures, with it taking a hit in declining sales in its enterprise servers, networking and storage and software businesses.

Meanwhile, TheStreet.com's Jim Cramer, who owns Hewett Packard Enterprise in the Action Alerts PLUS portfolio, noted in a recent post that while the company's first-quarter results were "undoubtedly disappointing," its restructuring, refocusing and its acquisition efforts will help bolster its fundamentals beyond this year.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.