Sell Off In Amazon Today (AMZN)

A widespread sell off in shares of Amazon.com (NASDAQ: AMZN) is taking place across Wall Street today. The stock has shed nearly 6% of its value and is currently trading at $118.45. AMZN has been under pressure for some time now after hitting a 52 week high of $145.91. There appears to be some concern that Apple's (NASDAQ: AAPL) iPad will take away market share from Amazon's Kindle e-reader.

Ronnie Moas at Standpoint Research is using today's sell off to upgrade the stock from Sell (his worst rating) to Underperform (his second worst rating) as the valuation has now fallen below 30X 2011 earnings estimates for Amazon.