Is Amazon's (AMZN) Weakness Today Apple (AAPL) Related?

Amazon.com (Nasdaq: AMZN) shares are lower on the session Monday, trading down over 2 percent on stronger volume on speculation that tomorrow's Apple (Nasdaq: AAPL) event could adversely impact it in more than one way.

Many are expecting Apple to reveal a smaller iPad, which could be bad news for Kindle Fire sales. Should the smaller iPad price under $300, it becomes a tough choice for consumers who are mulling the purchase of a smaller tablet.

In addition, Apple might focus more on iBooks during the event. Amazon has been pushing for more open publishing standards as it looks to get more content onto its Kindle line. Given the robust margins on such an effort, competition is something Amazon isn't likely to take sitting down.

So, tomorrow might hold more than one bit of bad news for Amazon. Over the past month, shares have dropped about 8 percent and are currently on a two-session slide.

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