AMAZON SCRAPS AI BASED RECRUITMENT TOOL, STOCK CRASHES
Amazon is currently trading at 1822.54-lower by about 2.5% as compared to the previous closing. In Pre-market trading on Wednesday, the stock was trading lower by 0.54%. The stock has fallen hard after the opening bell.
In recent news, Amazon’s machine-learning specialists have uncovered a problem in their new recruiting engine. The engine didn’t like women. The company’s experimental hiring tool used artificial intelligence to give job candidates scores ranging from one to five stars.
In other news, Bloomberg reported today that Amazon’s Web services unit has signed new cloud deals worth a total of $1 billion with business software maker SAP and cybersecurity software maker Symantec. The contracts are each worth $500 million over 5 years. According to sources, Microsoft Corp., the No. 2 cloud-services provider, was also among the competitors for the Symantec deal.
On the technical front, the RSI is currently at 35.09% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 1827 TAKE PROFIT AT 1817 STOP LOSS AT 1832