The latest technology rout has hit hard FANG stocks, pushing them in correction territory. After Facebook (FB – Free Report) , Alphabet (GOOGL – Free Report) and Netflix (NFLX – Free Report) , Amazon (AMZN – Free Report) has witnessed a decline of 10% from its latest peak.

The technology giant saw terrible trading on Mar 28 following Axios reports, which stated that President Donald Trump is looking to target the e-commerce giant over antitrust or competition laws and is considering ways to change the tax treatment. The stock dropped as much as 7% on the day but recovered some losses to close at down 4.4%. It has shed about $30 billion from its market value in a single day.

With the slide, Amazon entered correction territory and is currently down 11.5% from its latest peak of $1,617.54. With a day’s trading day left in March, the stock has lost 5.5% putting it on track for its worst month since October 2016. Most of the losses came on the heels of a huge decline in large-cap Internet and technology names over the past week.

What’s worse, the weak trading seems to have carried over today with Trump’s tweet that the online retailer pays “little or no taxes to state & local governments.”

Despite the latest crunch, Amazon remains one of the best-performing stocks of the year and the biggest boost to the overall market, climbing more than 22% so far and more than 66% over the past 12 months.

Strong Fundamentals

The stock carries a Zacks Rank #3 (Hold) and has a top Growth and Momentum Score of A each, suggesting that the stock is primed for future growth. It has seen strong earnings estimate revision of 15 cents for this year over the past 90 days with an estimated earnings growth rate of 86.59%. This is much higher than the industry average growth of 13.89%. The company is also expected see above-average revenue growth of 31.68% versus 19.61%. Further, Amazon’s earnings surprise history is also solid with a positive earnings surprise of 1,272.26% on average for the last four quarters.

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