First, there were the local bookstores, upset over the competition. Lately the unhappiness has spread to stockholders, who have seen the high-flying company's stock price swoon. Started six years ago, the Internet company has seen tremendous growth, and losses. Founder Jeff Bezos says his objective is not to make money now but to spend heavily to build for the future. The problem, says a report from the Wharton School of Business at the University of Pennsylvania, is that no one gets exclusive rights to the Internet.
Competitors can pop up overnight.
Lately, part of the investment community has decided to sit out Amazon's game. About a third of the Wall Street analysts have shifted their ratings of the stock from buy to hold. That's tough talk since few analysts actually use the dreaded word sell in connection with the stocks they follow. Its losses, management and high debt load make its future questionable. Meanwhile, the company continues to expand, burning through cash doing it.