Amazon’s stock trades in 3-digit territory as first stock split in 23 years takes effect

For the first time in about five years, Amazon.com Inc.’s stock is trading in three-digit territory, because the ecommerce and cloud giant’s 20-for-1 stock split has taken effect. The stock closed Friday at a pre-split adjusted $2,447, and was trading up 0.7% in premarket trading Monday, to put it on track to open just above $123. The last time the stock traded below the four-digit level pre-split was October 2017. The stock split is Amazon’s first in 23 years, takes effect after the stock fell 2.5% to a split-adjusted $122.35 on Friday to snap a six-day win streak in which the stock had run up 20.6%. The stock has dropped 26.6% year to date through Friday, while the S&P 500 has lost 13.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.