Mar 28, 2018

Axios PM

By Mike Allen
Mike Allen
1 big thing: Amazon shares tumble on fear of Trump
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Data: Money.net; Chart: Axios Visuals

Amazon shares shed more than $31 billion of value following an Axios report this morning that President Trump has been talking about going after Amazon on taxes or anti-trust grounds.

What they're saying: White House Press Secretary Sarah Sanders told reporters today that Trump is "always looking to create a level playing field for all businesses and this is no different."

Be smart: Amazon isn't alone in the pain, as Axios' Dan Primack notes the "so-called FANG stocks have had a terrible week, losing a combined $168.6 billion in market value over the past five trading days."

  • Facebook stock down 8.34%. $42.12 billion in lost market cap.
  • Amazon stock down 8.74%. $66.3 billion in lost market cap.
  • Netflix stock down 8.5%. $11.49 billion in lost market cap.
  • Google stock down 6.52%. $48.67 billion in lost market cap.

Go deeper: The W.S.J. notes that Amazon and fellow tech stocks are running into the collision of political and economic forces.

P.S... Tim Cook swipes at Amazon: Finding a location for Apple's new offices won't be a "beauty contest,” the Apple CEO told Recode. "That's not Apple." More.

2. What you missed

Indian Hindu devotees are sprinkled with water as they pull a chariot decorated with flowers and statues of Hindu god Kapaleeswar during a chariot festival in Chennai. Photo: Arun Sankar/AFP/Getty Images

  1. Trade and China experts fear that President Trump may achieve a political win on a China deal that leaves the U.S. at a critical, long-term economic disadvantage when it comes to the job-creating industries of the future. Dive in.
  2. The EPA downplayed the role that human activity has played in accelerating climate change in the talking points of an internal memo. Details.
  3. Prosecutors said that the Pulse shooter originally planned to attack the shopping complex at Disney World by hiding a gun in a stroller, but was startled by police and changed his target to the Orlando nightclub.
  4. The U.S. GDP grew to 2.9% in the last quarter of 2017, 0.2 points more than expected and up from the 2.5% annual growth reported in the third quarter.
  5. Facebook is updating its terms of service to make its commitment to user privacy more explicit. Details.
3. 1 fun thing: John Legend on Easter

John Legend has the lead role in a live NBC version of "Jesus Christ Superstar," the iconic rock opera, the AP reports.

  • "It will be the latest addition to the prime-time lineup of live TV musical remakes that kicked off five years ago with 'The Sound of Music' and includes 'Peter Pan,' 'Grease,' 'The Wiz' and 'Hairspray.' While the shows often air at Christmas, this time it made sense for an Easter broadcast of the 47-year-old musical."
  • "It's an iconic show. It's meant a lot to a lot of people for a long time," Legend told the AP. "You want people who are fans of it already to be excited by our rendition. But then also we want to attract new people to the show, too."
Mike Allen