Amazon.com (Nasdaq: AMZN) lost 2 to 31 9/16 Friday following reports the stock was downgraded to sell from hold at Janney Montgomery Scott.
Earlier in the week, another analyst — Robertson Stephens’ Lauren Cooks Levitan — reportedly expressed doubts about the company’s profit outlook, in light of its strategy to expand beyond its traditional book and music businesses.
The e-tail giant’s latest new business is a photo store, operated through an alliance with Ofoto, Inc. Amazon also has added electronics, toys, hardware, cars and other items to its offerings. At the same time, the company has emphasized its intention to focus on turning a profit.
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