Amazon and Sandisk Shares Drop as ExxonMobil, Chevron Post Stronger Results

Amazon (AMZN) and Sandisk (SNDK) shares fell in early U.S. trading Friday, while ExxonMobil (XOM) and Chevron (CVX) posted stronger third-quarter results with help from higher refined-product margins.

Amazon shares lost 7.49% during the early session. Revenue missed consensus estimates in both North America and international markets, while Amazon Web Services (AWS) growth accelerated and exceeded expectations. The results add earnings detail to an earlier report on Amazon's premarket share decline.

Futures on U.S. stock indexes also fell sharply, with Nasdaq contracts leading losses after weak results and outlooks from Amazon and Intel weighed on technology shares.

ExxonMobil and Chevron both benefited from improved margins on refined products. Higher gasoline and diesel prices also supported ExxonMobil, while Chevron's crude-oil realizations increased.

Sandisk shares shed more than 8% despite strong results and guidance. Analysts pointed to a contraction in sector earnings multiples as a possible factor in the reaction. Strong NAND pricing supported the company's outlook.