Oracle's stock dives into negative territory after report Amazon will stop using its software

Published: Aug 1, 2018 2:44 p.m. ET

Shares of Oracle Corp. ORCL, -0.69% took a dive into negative territory in afternoon trade Wednesday, after CNBC reported that Amazon.com Inc.AMZN, +0.10% will completely stop using Oracle software by 2020. The stock was trading up about 0.3% just before the CNBC report, which cited people familiar with the matter, then fell as much as 0.7% to an intraday low of $47.34 within minutes after the report before paring some losses. The stock was last down 0.3%. The CNBC report said Amazon has been moving off Oracle for several years. Oracle's stock has lost 5.3% over the past 12 months, while Amazon shares have soared 80% and the S&P 500 SPX, -0.10% has gained 13.5%.