Amazon.com, Inc. AMZN shares are trading higher by 4.37% to $100.85 Friday afternoon. Shares of retail and e-commerce companies are trading higher as stocks gain following Thursday's CPI report. Lighter-than-expected inflation has led to hopes of softer Fed rate hikes, which could cause less of a negative impact on consumer spending.
The stock is also seeing strength on reports the company has launched a cost-cutting review focused on unprofitable businesses.
As part of the cost-cutting review, Amazon has told employees in certain unprofitable divisions to look for jobs elsewhere.
Amazon’s leadership is closely evaluating its Alexa business which has more than 10,000 employees and is a major recipient of investment capital.
In October, Amazon warned that consumer spending was in “uncharted waters” as it issued revenue forecasts well below Wall Street expectations...Read More
What Happened With CPI Data?
The headline CPI rose 7.7% in October, down from 8.2% in September, according to data from the U.S. Bureau of Labor Statistics.
The October CPI reading came in below average economist estimates of 8%.
Thursday's highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time in a continued fight against historically high inflation...Read More
According to data from Benzinga Pro, AMZN has a 52-week high of $188.11 and a 52-week low of $85.87.
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