2 Big Tech Stocks Dinged by Downgrades

Both AMZN and AAPL have seen high options volume over the last two weeks

Laura McCandless

Deputy Editor

Oct 7, 2024 at 2:08 PM

AAPL
AMZN

Tech giants Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) are both moving lower today, following this morning's bear notes.

Jefferies downgraded AAPL to "hold" from "buy," noting near-term expectations for the company's iPhone 16 and iPhone 17, both marked by artificial intelligence (AI) software, were overblown after weaker-than-anticipated initial demand. At last glance, Apple stock was down 0.9% to trade at $224.76.

Wells Fargo slashed its rating on AMZN to "equal weight" from "overweight," citing slowing growth and heightened competition from Walmart (WMT), warning cloud strength was "not enough." At last look, Amazon.com stock was down 2.8% to trade at $181.29.

Both stocks are no stranger to Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest options volume in the last 10 days, and this most recent period is no different. Over the past two weeks, both equities have seen a wealth of bullish-leaning trading, as seen in the chart below.

UVOL Oct7

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!