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“The Buck Stops Here,”
Kelly Maguire
Behind the Markets
Amazon’s Pullback Deepens as a New FTC Risk Hits the Stock
Authored by Sam Quirke. Published: 6/23/2026.
Key Points
- The FTC has drafted a potential complaint against Amazon over claims it misled advertisers with hidden ad pricing, with civil penalties potentially running into the billions.
- This isn't the first time Amazon has been in the FTC's crosshairs either, with the agency securing a $2.5 billion settlement against the company just last year over deceptive Prime practices.
- The headline risk couldn't have come at a worse time for the stock, but for those of us looking at the bigger picture, the long-term bull case remains very much intact.
- Special Report: The company SpaceX cannot operate without
Shares of Amazon.com (NASDAQ: AMZN) started the week on the back foot, trading near $230 and marking their lowest level since early April. The stock has been in a tough stretch and is now down more than 16% from the all-time high it reached last month.
What makes the current pullback particularly concerning is its divergence from the rest of the market and the broader tech sector, much of which has held on to most of its recent gains. When a stock starts trading out of sync with its peers, it usually means something specific is weighing on it.
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Watch the full story and see the verified track record for yourselfIn Amazon's case, that something has just become a lot clearer. It was reported last week that the Federal Trade Commission (FTC) has drafted a potential complaint against the company, alleging that it misled advertisers through hidden ad pricing practices. The penalty could run into the billions.
This isn’t the first time Amazon has run afoul of the FTC, and if recent history is any guide, investors have reason to be worried. The question is how much.
What the FTC Is Actually Looking At
At the heart of the investigation is whether Amazon properly disclosed the terms and pricing of its advertising auctions, particularly a feature called "reserve pricing" for certain search ads. In simple terms, that is the minimum price an advertiser must accept before being able to buy an ad. The argument is that Amazon did not make these mechanics fully clear, leaving advertisers to pay more than they otherwise might have.
It's worth noting that this isn't an entirely new line of inquiry. The FTC's consumer protection unit has been looking into whether both Amazon and Alphabet (NASDAQ: GOOGL) misled advertisers on their respective platforms for some time now. What's changed is that the investigation into Amazon has reportedly progressed to the point where a formal complaint has been drafted, which is a meaningful step up the regulatory ladder and is clearly spooking investors.
Amazon Has Been Here Before
What makes this story particularly relevant for Amazon’s investors is the recent history. Just last September, the FTC secured a historic $2.5 billion settlement against Amazon over allegations that it had enrolled millions of consumers in its Prime program without their consent and made it deliberately difficult for them to cancel. A settlement of that size makes it clear what the FTC believes it can extract when it sets its sights on Amazon.
For the latest investigation, it provides a useful reference point for considering the worst-case scenario. If the FTC was able to secure $2.5 billion in penalties and refunds for the Prime enrollment issue, the potential downside from a misleading-advertisers complaint could be similar, or even larger, given the size and complexity of Amazon's advertising business.
Even for a company of Amazon's scale, that would be a significant amount of money, and it would come at a time when Amazon’s outgoings are already under the microscope.
A Worrying Near-Term Setup
From that perspective, this update from the FTC could hardly have come at a worse time for Amazon's stock. As we've covered recently, the company has been grappling with a free cash flow squeeze from its enormous AI capital expenditure commitments, a high-profile Blue Origin rocket explosion that set back its satellite ambitions, and a broader cooling in sentiment across mega-cap tech. Adding regulatory uncertainty to that mix is the kind of development that can keep a stock under pressure for longer than the underlying business deserves.
There’s also the risk that, while an eventual settlement could come this summer, it could just as easily turn into a drawn-out legal battle that dominates headlines for many quarters to come. Neither outcome is ideal for shareholders who have been waiting for the stock to find its footing.
The Long-Term Bull Case Hasn't Changed
Still, for those willing to look beyond the next few months, the long-term case for Amazon remains as strong as ever. AWS continues to grow at a remarkable pace and is increasingly central to the AI infrastructure buildout. The advertising business itself, the very thing now under scrutiny, is one of the fastest-growing high-margin revenue streams in the company. The deepening Anthropic relationship and the wave of analyst price targets sitting comfortably above $300 all point to a long-term picture that an FTC complaint, even a multi-billion-dollar one, does not materially change.
The current weakness is uncomfortable, no question, and the near term could get worse before it gets better. But Amazon has a long history of absorbing regulatory blows and compounding value over time. For those willing to pinch their noses in the near term, this weakness could be a gift in the long term.
From Quantum to Clothing: Insider Trades Hit 3 Big Names
Authored by Leo Miller. Published: 6/24/2026.
Key Points
- Insider sales are on the rise at a top quantum stock expected to receive $100 million in government funding.
- One of the largest names in semiconductor equipment is also seeing a spike in insider sales, with shares up 125% in 2026.
- Markets have crushed one clothing stock, but insiders are showing support through recent purchases.
- Special Report: The company SpaceX cannot operate without
From quantum computing and artificial intelligence to apparel, company insiders are making moves in three notable names. That includes sales in a quantum stock that recently surged 50% in just two days and a semiconductor industry heavyweight that has delivered impressive gains. Meanwhile, insiders are buying a clothing stock that has suffered a dramatic fall from grace.
D-Wave Sales Soar After the Government Backs Quantum
D-Wave Quantum (NYSE: QBTS) is one of the best-known pure-play quantum computing stocks. Through mid-May, the market had hit D-Wave shares hard in 2026, pushing them down roughly 30%. However, the stock then staged a sharp rebound, rising about 52% over just two days.
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Discover the gold income fund before the next payout dateThe move followed the U.S. Department of Commerce's announcement that it intends to provide more than $2 billion in funding to several quantum companies. Notably, D-Wave made the list, with the company expected to receive $100 million in funding. That would add to D-Wave’s already solid liquidity position, as the company had $588.4 million in cash and marketable investments last quarter.
However, it is worth noting that insider sales at D-Wave also spiked after the announcement. Overall, MarketBeat has tracked $36 million in sales during Q2, compared with less than $2 million in Q1. The vast majority of those sales came after the announcement that sent shares soaring. Additionally, a large portion of the selling did not come under pre-determined 10b5-1 plans, indicating that it was discretionary. Sellers included high-ranking executives at D-Wave, such as CEO Alan Baratz and Chief Financial Officer John Markovich.
Still, Baratz continues to own more than 3 million D-Wave shares, while Markovich owns more than 1 million shares. Overall, these sales are a moderately bearish indicator for D-Wave, given the sharp spike that coincided with the rise in shares.
Applied Materials Insiders Sell Following Huge 2026 Gains
Next up is one of the giants of the semiconductor manufacturing equipment industry, Applied Materials (NASDAQ: AMAT). Along with many of the other players in this space, Applied Materials has seen its share price take off. After delivering a total return of nearly 60% in 2025, Applied Materials' gain is now hovering near 125% in 2026. Shortages across the artificial intelligence chip industry are driving much of the stock’s performance, including in memory chips and advanced packaging.
As a result, manufacturers are working to expand production capacity, which requires more of Applied’s equipment. The firm expects to grow its semiconductor equipment business by over 30% in calendar year 2026, while customers are also signaling strong demand beyond that.
On the other hand, insider sales also moved up significantly during Q2. MarketBeat has tracked $114 million in sales, compared with less than $5 million in Q1. Additionally, more than five individual insiders made Q2 sales, and none came under a 10b5-1 plan.
While this shows several insiders acting similarly at once, the sales also tended to be relatively small in relation to their total holdings. For example, CEO Gary Dickerson sold more than 80,000 shares but still holds more than 1.6 million shares.
In aggregate, Applied Materials' recent insider trades are a mildly bearish signal, but they do not change the company’s strong underlying position.
Lululemon Insiders Buy Again as Shares Continue to Plummet
For lululemon athletica (NASDAQ: LULU), the carnage in its share price has not let up in 2026. After dropping 25% in 2024 and 46% in 2025, shares are down nearly 50% this year. Overall, the stock is down almost 80% from its all-time high reached in 2023. During this period, lululemon has experienced a steep decline in sales growth.
In 2023, the company grew revenue by 19% year over year (YOY). In 2025, that growth rate slowed to just 5% YOY.
The company expects this trend to worsen in 2026, forecasting flat to -1% growth YOY. In its latest report, lululemon noted that negative media commentary around its brand and underperforming product launches have hurt growth.
Amid this pressure, some insiders are stepping in to buy shares. In Q1, insider purchases came in at $1 million, while Q2 saw insider buys worth $995,000.
At the same time, MarketBeat tracked no insider sales in Q1 and just $100,000 in sales in Q2.
Overall, these insider trades are a moderately bullish indicator for the stock, suggesting that insiders see value in the shares. Notably, lululemon now trades at a forward price-to-earnings ratio of around 10x, far below its 31x average over the past three years. Even so, until the company can stop the bleeding in its growth rate, it may be difficult for LULU to stage a strong rebound.
Analysts Point to Strong Upside in D-Wave Amid Government Support
Despite D-Wave’s recent insider sales, Wall Street analysts continue to show considerable support for the stock. The MarketBeat consensus price target sits at $36.80, implying upside of more than 45%. While D-Wave may not necessarily need the government funding because of its cash position, the move signals real government support for the quantum industry. Given the extended timeline required to create a fault-tolerant quantum computer, this is a clear positive for the industry’s long-term outlook.
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