Shares of e-commerce giant Amazon.com (NasdaqGS: AMZN) are lower by more than 8.5% Friday after the company forecast second-quarter sales $18.1 billion to $19.8 billion. The $18.95 billion midpoint of that range is below the $19.03 billion analysts are expecting.

The company is also forecasting a second-quarter operating loss ranging anywhere from $55 million to $455 million compared with a year-earlier gain of $79 million. Amazon’s light outlook has the stock trading near six-month lows. Heading into Friday, the stock had plunged 13% in the past 90 days, but factor in today’s drop and Amazon has cemented its status as one of a long list of Nasdaq stocks mired in bear market territory. [ETFs Loaded With Bear Market Stocks]

Amazon is a top-10 holding in nearly 25 exchange traded funds, according to S&P Capital IQ data, but several standout as particularly vulnerable to declines in stock.

The PowerShares NASDAQ Internet Portfolio (NasdaqGM: PNQI) is lower 3.4% at this writing. PNQI features a 9.48% weight to Amazon, making it the ETF’s second-largest holding by just two basis points behind e-Bay (NasdaqGS: EBAY).

Previously a high flier, PNQI has been under pressure due to post-earnings declines by Netflix (NasdaqGS: NFLX), Facebook (NasdaqGS: FB) and now Amazon. [A Possible Bounce for Internet ETFs]

Over the past month, however, PNQI has been slightly better than the rival First Trust Dow Jones Internet Index Fund (NYSEArca: FDN). Amazon is FDN’s largest individual holding at a weight of nearly 7.5% though both classes of Google (NasdaqGS: GOOG) combine for nearly 10% of the ETF’s weight.

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