After Thursday’s U.S. closing bell, AMZN news, announces results for Q3 2020, with Wall Street analysts expected sales of $7.17 per share for $92.5 trillion. If reached, this will reflect a 65% rise in EPS compared with the same quarter in 2019, reflecting enormous changes in the market share as a result of the COVID-19 pandemic. After a Q2 blow-out in late July, the market rallied 3.7%, but has not raised a centimeter since then.
Cultivating political winds
A $1.6 trillion mega-cap will be signaled to the next presidential administration, no matter which one wins the presidency. CEO Jeff Bezos also belongs to the Washington Post, accused regularly by President Trump of disseminating ‘false news.’ A democracy Presidency could be much harder for Amazon, following allegations of anti-competitive and monopoly activity, which have caused tens of thousands of small companies to close.
Analyst Daniel Kurnos from Benchmark Business boosted his target to $3.800 earlier this month and said, “We expect Amazon to be an important shareholder for this holiday while also widening the market for early holidays to escape shortages and increasingly onerous last-mile distribution procedures. This is a tough time, but we consider the recent pullback as an excellent starting point.
Throughout the year 2020, there was a one-sided consensus on Wall Street in lieu of the unprecedented share gains. No store analysts make suggestions for ‘Hold’ or ‘Sale.’ Present prices vary from $3,400 to $4,500 in the street; the stock exchange is only around $150 cheaper than the low mark. This unanimity looks like a token of alarm, considering the low price and lack of a Q3.
In April, Amazon broke out over the first quarter at a height of 2,190, struck an all-time high in September of 3,552, and a few days later struggled to crack over 3,350. In July, the volume of accumulation was overtaken by market activity since June and a possible overhead trend has been sketched. The lows of July and September characterize the potential neckline with a split that suggests a correction lasting several weeks that can achieve a split help of nearly 2200.
Over the holiday season last year, Amazon employed 200, 000 contract employees — double the same as in 2018. Amazon announced in May last year that it will give 70% of the 175,000 people working during the pandemic permanent jobs. And the remaining 50, thousand jobs will stay on seasonal contracts for up to 11 months after employing 125,000 warehouse staff reported on AMZN news.
Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.