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Amazon.com, Inc AMZN was trading about 1.7% lower in the premarket Friday, in sympathy with the S&P 500, which was falling 0.8%
The e-commerce and streaming giant is facing a 900-million-pound ($1.01 billion) U.K. antitrust class action lawsuit for allegedly using an algorithm that favors products sold directly by Amazon or by third-party retailers who pay large fees to Amazon.
The lawsuit, which is likely to be filed before the end of October, alleges that Amazon has breached competition law and caused millions of U.K. customers to pay higher prices for products sold on Amazon.co.uk.
Amazon’s price didn’t reflect on Thursday that traders and investors are concerned about the class action, and the stock’s volume was measuring in below average, which indicates lower-than-average interest in Amazon.
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The Amazon Chart: Amazon broke up bullishly from a falling channel pattern on Tuesday, to close an upper gap between $118.17 and $119.50, which was left behind on Sept. 16. The stock rejected the upper range of the gap and ran into a group of sellers, which has caused Amazon to consolidate lower over the last two trading days.
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