Amazon wiped out $17.5 billion from eight companies’ market values Thursday with just two announcements.
The e-commerce giant has become a force on Wall Street. Even a hint it might take on a new industry can send investors running and stocks tumbling. That was evident Thursday.
Amazon said it would recruit entrepreneurs to run local delivery networks, a move that could divert business from carriers FedEx and UPS. Together, the two companies lost nearly $3 billion in market value on Thursday, with UPS bearing the greatest losses.