Over the weekend, every trader was talking about Amazon.com's (NASDAQ:AMZN) move into the drug and pharmacy business.
On Monday we saw the two leading drug-store stocks – Walgreens Boots Alliance (NASDAQ:WBA) and CVS (NYSE:CVS) – drop on the news. It seems as if every business Amazon enters immediately feels the interloper's wrath. Earlier this year, many of the leading food and grocery-related stocks declined sharply when Amazon announced Whole Foods acquisition.rx
Next Support
Walgreens has been declining sharply since September 12, 2017 when it traded as high as $82.89 a share. Today, WBA is lower by $2.49 at $70.70. Traders and investors must now watch $66.50 as the next major support area. That's where the stock broke out in December 2014. Just remember that prior break-out levels often find support when retested.
