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Tag: Amazon.com

  • It’s Not You, It’s ‘Removing Layers’: Wave of Corporate Layoffs (And Lingo) Hits Workers

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    In other words, you’re out of a job. Like tens of thousands of other corporate-speak victims.

    The causes vary widely: turbulent markets, President Donald Trump’s tariffs on pretty much every U.S. trading partner, the rise of artificial intelligence, etc. But the result is the same: Significant job reductions at many large corporate employers.

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    Here are some of the cuts announced in the last few weeks:

    Amazon said this week it was cutting approximately 14,000 jobs. That’s roughly 4% of its total workforce. The retail giant blamed AI, in part, describing that tech as “the most transformative technology we’ve seen since the Internet.”

    “We’re convinced that we need to be organized more leanly, with fewer layers and more ownership, to move as quickly as possible for our customers and business,” the company said.

    Target announced last week it’s cutting 1,800 corporate jobs. That may not seem like much, but it’s the most significant reduction the retailer has announced in a decade.

    Nestlé, the maker of Nescafé, KitKats, pet foods and many other well-known consumer brands, plans 16,000 job cuts over the next two years.

    GM says slowing demand for electric vehicles is partly to blame for the automaking giant laying off about 1,700 workers in Michigan and Ohio manufacturing sites.

    Corp-speak vs. Real Life

    None of this is to say that corporate flexibility is a bad thing. A major feature of capitalism is that firms hire when they need workers and lay off when they aren’t doing well. Such is life.

    But as someone pushed out of two jobs in the last five years, I can tell you that corp’ talk about flexibility or de-layering or being “nimble” just adds insult to injury. You’re cutting costs? I get that. Please don’t dress it up like a family pet for Halloween.

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    Olivier Knox

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  • Amazon cuts 14,000 corporate jobs as spending on artificial intelligence accelerates

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    Amazon will cut about 14,000 corporate jobs as the online retail giant ramps up spending on artificial intelligence while cutting costs elsewhere.

    Teams and individuals impacted by the job cuts will be notified on Tuesday. Most workers will be given 90 days to look for a new position internally, Beth Galetti, Senior Vice President of People Experience and Technology at Amazon, wrote in a letter to employees on Tuesday. Those who can’t find a new role at the company or who opt not to look for one will be provided transitional support including severance pay, outplacement services and health insurance benefits.

    Amazon has about 350,000 corporate employees and a total workforce of approximately 1.56 million. The cuts announced Tuesday amount to about a 4% reduction in its corporate workforce.

    In June CEO Andy Jassy, who has aggressively sought to cut costs since becoming CEO in 2021, said that he anticipated generative AI would reduce Amazon’s corporate workforce in the next few years.

    Jassy said at the time that Amazon had more than 1,000 generative AI services and applications in progress or built, but that figure was a “small fraction” of what it plans to build.

    Amazon has announced plans to invest $10 billion building a campus in North Carolina to expand its cloud computing and artificial intelligence infrastructure.

    Since 2024 started, Amazon has committed to about $10 billion apiece to data center projects in Mississippi, Indiana, Ohio and North Carolina as it builds up its infrastructure to try to keep up with other tech giants making leaps in AI. Amazon is competing with OpenAI, Google, Microsoft, Meta and others. In a conference call with industry analysts in May, Jassy said that the potential for growth in the company’s AWS business is massive.

    “If you believe your mission is to make customers’ lives easier and better every day, and you believe that every customer experience will be reinvented with AI, you’re going to invest very aggressively in AI, and that’s what we’re doing. You can see that in the 1,000-plus AI applications we’re building across Amazon. You can see that with our next generation of Alexa, named Alexa+,” he said.

    Amazon’s workforce doubled during the pandemic as millions stayed home and boosted online spending. In the following years, big tech and retail companies cut thousands of jobs to bring spending back in line.

    The cuts announced Tuesday suggests Amazon is still trying to get the size of its workforce right and it may not be over. It was the biggest culling at Amazon since 2023, when the company cut 27,000 jobs. Those cuts came in waves, with 9,000 jobs trimmed in March of that year, and another 18,000 employees two months later. Amazon has not said if more job cuts are on the way.

    Yet the jobs market which has for years been a pillar in the U.S. economy, is showing signs of weakening. Layoffs have been limited, but the same can be said for hiring.

    Government hiring data is on hold during the government shut down, but earlier this month a survey by payroll company ADP showed a surprising loss of 32,000 jobs losses in the private sector in September.

    Many retailers are pulling back on seasonal hiring this year due to uncertainty over the U.S. economy and tariffs. Amazon Inc. said this month, however, that it would hire 250,000 seasonal workers, the same as last year’s holiday season.

    Neil Saunders, managing director of GlobalData, said in a statement that the layoffs “represent a deep cleaning of Amazon’s corporate workforce.”

    “Unlike the Target layoffs, Amazon is operating from a position of strength,” he said. “The company has been producing good growth, and it still has a lot of headroom for further expansion in both the U.S. and overseas.”

    But Saunders noted that Amazon is not immune to outside factors, as global markets tighten and underlying costs climb.

    “It needs to act if it wants to continue with a good bottom-line performance. This is especially so given the amount of investment the company is making in areas like logistics and AI. In some ways, this is a tipping point away from human capital to technological infrastructure,” he said.

    Amazon will post quarterly financial results on Thursday. During its most recent quarter, the company reported 17.5% growth for its cloud computing arm Amazon Web Services.

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  • Cooper Financial Group Buys 2,302 Shares of Amazon.com, Inc. $AMZN

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    Cooper Financial Group lifted its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 2.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 113,054 shares of the e-commerce giant’s stock after purchasing an additional 2,302 shares during the quarter. Amazon.com accounts for 2.9% of Cooper Financial Group’s portfolio, making the stock its 7th largest position. Cooper Financial Group’s holdings in Amazon.com were worth $24,803,000 at the end of the most recent reporting period.

    Several other large investors have also recently made changes to their positions in the stock. Truist Financial Corp lifted its holdings in shares of Amazon.com by 3.3% in the 2nd quarter. Truist Financial Corp now owns 4,387,901 shares of the e-commerce giant’s stock worth $962,662,000 after acquiring an additional 140,738 shares during the last quarter. Powers Advisory Group LLC lifted its holdings in shares of Amazon.com by 5.3% in the 2nd quarter. Powers Advisory Group LLC now owns 5,898 shares of the e-commerce giant’s stock worth $1,294,000 after acquiring an additional 298 shares during the last quarter. Bourgeon Capital Management LLC lifted its holdings in shares of Amazon.com by 2.3% in the 2nd quarter. Bourgeon Capital Management LLC now owns 69,568 shares of the e-commerce giant’s stock worth $15,263,000 after acquiring an additional 1,550 shares during the last quarter. First United Bank & Trust lifted its holdings in shares of Amazon.com by 5.2% in the 2nd quarter. First United Bank & Trust now owns 12,025 shares of the e-commerce giant’s stock worth $2,638,000 after acquiring an additional 590 shares during the last quarter. Finally, MBA Advisors LLC lifted its holdings in shares of Amazon.com by 7.9% in the 2nd quarter. MBA Advisors LLC now owns 6,066 shares of the e-commerce giant’s stock worth $1,331,000 after acquiring an additional 442 shares during the last quarter. 72.20% of the stock is currently owned by institutional investors and hedge funds.

    Insider Buying and Selling at Amazon.com

    In other news, CEO Andrew R. Jassy sold 19,872 shares of Amazon.com stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $221.58, for a total transaction of $4,403,237.76. Following the completion of the sale, the chief executive officer directly owned 2,178,502 shares of the company’s stock, valued at approximately $482,712,473.16. The trade was a 0.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Shelley Reynolds sold 2,715 shares of Amazon.com stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $221.64, for a total transaction of $601,752.60. Following the sale, the vice president directly owned 119,780 shares of the company’s stock, valued at approximately $26,548,039.20. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,864,716 shares of company stock worth $2,486,013,854. 10.80% of the stock is currently owned by company insiders.

    Amazon.com Price Performance

    Amazon.com stock opened at $216.39 on Wednesday. The stock has a market cap of $2.31 trillion, a P/E ratio of 32.99, a price-to-earnings-growth ratio of 1.46 and a beta of 1.28. The company has a fifty day simple moving average of $226.16 and a 200-day simple moving average of $212.19. Amazon.com, Inc. has a 12-month low of $161.38 and a 12-month high of $242.52. The company has a current ratio of 1.02, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15.

    Amazon.com (NASDAQ:AMZNGet Free Report) last released its quarterly earnings data on Thursday, July 31st. The e-commerce giant reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.37. The business had revenue of $167.70 billion during the quarter, compared to analysts’ expectations of $161.80 billion. Amazon.com had a net margin of 10.54% and a return on equity of 23.84%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.26 EPS. Amazon.com has set its Q3 2025 guidance at EPS. Equities analysts expect that Amazon.com, Inc. will post 6.31 EPS for the current fiscal year.

    Wall Street Analysts Forecast Growth

    Several brokerages have recently commented on AMZN. Cantor Fitzgerald upped their price objective on shares of Amazon.com from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Rosenblatt Securities increased their target price on shares of Amazon.com from $288.00 to $297.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Citigroup reiterated an “overweight” rating on shares of Amazon.com in a report on Wednesday, August 13th. Robert W. Baird increased their target price on shares of Amazon.com from $220.00 to $244.00 and gave the stock an “outperform” rating in a report on Monday, July 21st. Finally, Wells Fargo & Company upgraded shares of Amazon.com from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $245.00 to $280.00 in a report on Wednesday, September 24th. Three research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $266.26.

    View Our Latest Stock Report on AMZN

    Amazon.com Company Profile

    (Free Report)

    Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.

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    Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZNFree Report).

    Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)



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  • Meet the Suspicious 8: Dividends Over 6% With Plenty of Problems

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    Meet the Suspicious 8: Dividends Over 6% With Plenty of Problems

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  • Delivery drones may soon take off in the US. Here’s why

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    Delivery drones are so fast they can zip a pint of ice cream to a customer’s driveway before it melts.

    Yet the long-promised technology has been slow to take off in the United States. More than six years after the Federal Aviation Administration approved commercial home deliveries with drones, the service mostly has been confined to a few suburbs and rural areas.

    That could soon change. The FAA proposed a new rule last week that would make it easier for companies to fly drones outside of an operator’s line of sight and therefore over longer distances. A handful of companies do that now, but they had to obtain waivers and certification as an air carrier to deliver packages.

    While the rule is intended to streamline the process, authorized retailers and drone companies that have tested fulfilling orders from the sky say they plan to make drone-based deliveries available to millions more U.S. households.

    Walmart’s multistate expansion

    Walmart and Wing, a drone company owned by Google parent Alphabet, currently provide deliveries from 18 Walmart stores in the Dallas area. By next summer, they expect to expand to 100 Walmart stores in Atlanta; Charlotte, North Carolina; Houston; and Orlando and Tampa, Florida.

    After launching its Prime Air delivery service in College Station, Texas, in late 2022, Amazon received FAA permission last year to operate autonomous drones that fly beyond a pilot’s line of sight. The e-commerce company has since expand its drone delivery program to suburban Phoenix and has plans to offer the service in Dallas, San Antonio, Texas, and Kansas City.

    The concept of drone delivery has been around for well over a decade. Drone maker Zipline, which works with Walmart in Arkansas and the Dallas-Fort Worth area, began making deliveries to hospitals in Rwanda in 2016. Israel-based Flytrex, one of the drone companies DoorDash works with to carry out orders, launched drone delivery to households in Iceland in 2017.

    But Wing CEO Adam Woodworth said drone delivery has been in “treading water mode” in the U.S. for years, with service providers afraid to scale up because the regulatory framework wasn’t in place.

    “You want to be at the right moment where there’s an overlap between the customer demand, the partner demand, the technical readiness and the regulatory readiness,” Woodworth said. “I think that we’re reaching that planetary alignment right now.”

    Flying ice cream and eggs

    DoorDash, which works with both Wing and Flytrex, tested drone drop-offs in rural Virginia and greater Dallas before announcing an expansion into Charlotte. Getting takeout food this way may sound futuristic, but it’s starting to feel normal in suburban Brisbane, Australia, where DoorDash has employed delivery drones for several years, said Harrison Shih, who leads the company’s drone program.

    “It comes so fast and it’s something flying into your neighborhood, but it really does seem like part of everyday life,” Shih said.

    Even though delivery drones are still considered novel, the cargo they carry can be pretty mundane. Walmart said the top items from the more than 150,000 drone deliveries the nation’s largest retailer has completed since 2021 include ice cream, eggs and Reese’s Peanut Butter Cups.

    Unlike traditional delivery, where one driver may have a truck full of packages, drones generally deliver one small order at a time. Wing’s drones can carry packages weighing up to 2.5 pounds. They can travel up to 12 miles round trip. One pilot can oversee up to 32 drones.

    Zipline has a drone that can carry up to 4 pounds and fly 120 miles round trip. Some drones, like Amazon’s, can carry heavier packages.

    Once an order is placed, it’s packaged for flight and attached to a drone at a launch site. The drone automatically finds a route that avoids obstacles. A pilot observes as the aircraft flies to its destinations and lowers its cargo to the ground with retractable cords.

    Risks and rewards of commercial drones

    Shakiba Enayati, an assistant professor of supply chain and analytics at the University of Missouri, St. Louis, researches ways that drones could speed the delivery of critical health supplies like donated organs and blood samples. The unmanned aircraft offer some advantages as a transport method, such as reduced emissions and improved access to goods for rural residents, Enayati said.

    But she also sees plenty of obstacles. Right now, it costs around $13.50 per delivery to carry a package by drone versus $2 for a traditional vehicle, Enayati said. Drones need well-trained employees to oversee them and can have a hard time in certain weather.

    Drones also can have mid-air collisions or tumble from the sky. But people have accepted the risk of road accidents because they know the advantages of driving, Enayati said. She thinks the same thing could happen with drones, especially as improved technology reduces the chance for errors.

    Woodworth added that U.S. airspace is tightly controlled, and companies need to demonstrate to the FAA that their drones are safe and reliable before they are cleared to fly. Even under the proposed new rules, the FAA would set detailed requirements for drone operators.

    “That’s why it takes so long to build a business in the space. But I think it leads to everybody fundamentally building higher quality things,” Woodworth said.

    Others worry that drones may potentially replace human delivery drivers. Shih thinks that’s unlikely. One of DoorDash’s most popular items is 24-packs of water, Shih said, which aren’t realistic for existing drones to ferry.

    “I believe that drone delivery can be fairly ubiquitous and can cover a lot of things. We just don’t think its probable today that it’ll carry a 40-pound bag of dog food to you,” Shih said.

    The view from the ground in Texas

    DoorDash said that in the areas where it offers drone deliveries, orders requiring the services of human delivery drivers also increase.

    That’s been the experience of John Kim, the owner of PurePoke restaurant in Frisco, Texas. Kim signed on to offer drone deliveries through DoorDash last year. He doesn’t know what percentage of his DoorDash customers are choosing the service instead of regular delivery, but his overall DoorDash orders are up 15% this year.

    Kim said he’s heard no complaints from drone delivery customers.

    “It’s very stable, maybe even better than some of the drivers that toss it in the back with all the other orders,” Kim said.

    For some, drones can simply be a nuisance. When the FAA asked for public comments on Amazon’s request to expand deliveries in College Station, numerous residents expressed concern that drones with cameras violated their privacy. Amazon says its drones use cameras and sensors to navigate and avoid obstacles but may record overhead videos of people while completing a delivery.

    Other residents complained about noise.

    “It sounds like a giant nagging mosquito,” one respondent wrote. Amazon has since released a quieter drone.

    But others love the service. Janet Toth of Frisco, Texas, said she saw drone deliveries in Korea years ago and wondered why the U.S. didn’t have them. So she was thrilled when DoorDash began providing drone delivery in her neighborhood.

    Toth now orders drone delivery a few times a month. Her 9-year-old daughter Julep said friends often come over to watch the drone.

    “I love to go outside, wave at the drone, say ‘Thank you’ and get the food,” Julep Toth said.

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    AP Video Journalist Kendria LaFleur contributed from Frisco, Texas.

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  • How major US stock indexes fared Thursday, 10/31/2024

    How major US stock indexes fared Thursday, 10/31/2024

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    Drops in big tech companies including Microsoft and Facebook’s parent company Meta Platforms led Wall Street lower.

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  • Court approves Tupperware’s sale to lenders, paving way for brand’s exit from bankruptcy

    Court approves Tupperware’s sale to lenders, paving way for brand’s exit from bankruptcy

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    NEW YORK (AP) — A U.S. bankruptcy judge approved a sale of Tupperware Brands on Tuesday, paving the way for the iconic food storage company to soon exit Chapter 11 protection and continue offering its products while undergoing a hoped-for revitalization.

    The sale given the court’s green light in Delaware still is subject to closing conditions. Under terms of the deal, a group of lenders is buying Tupperware’s brand name and various operating assets for $23.5 million in cash and more than $63 million in debt relief.

    Tupperware agreed to the lender takeover last week, pivoting from a previously planned asset auction. The brand said it expects to operate as The New Tupperware Co. upon completion of the deal.

    Going forward, customers in “global core markets” will be able to purchase Tupperware products online and through the brand’s decades-old network of independent sales consultants, but the new company is set to be “rebuilt with a start-up mentality,” Tupperware said.

    The specifics of how that will look are unclear. Tupperware did not immediately respond to The Associated Press’ requests for further comment Tuesday.

    Tupperware once revolutionized food storage, with the brand’s roots dating back to a post-World War II mission of helping families save money on food waste with an airtight lid seal. The plastic kitchenware saw explosive growth in the mid-20th century, notably with the rise of direct sales through “Tupperware parties.”

    First held in 1948, the parties were promoted as a way for women in particular to earn supplemental income by selling the containers to friends and neighbors. The system worked so well that Tupperware eventually removed its products from stores.

    In the following decades, the Tupperware line expanded to include canisters, beakers, cake dishes and all manner of implements, and became a staple in kitchens across America and eventually abroad. But the brand struggled to keep up in more recent years.

    An outdated business model and rising competition contributed to some of the company’s challenges. When filing for bankruptcy last month, Florida-based Tupperware noted that consumers were shifting away from direct sales, which made up the vast majority of the brand’s sales, and increasingly favoring glass containers over plastic.

    While sales improved some during the height of the COVID-19 pandemic, when consumers cooked and ate at home more, Tupperware saw an overall steady decline over the years. Rubbermaid, OXO and even recycled takeout food containers snagged customers — as well as home storage lines at major retailers like Target, Walmart and Amazon.

    Financial troubles piled up in the meantime. In September’s bankruptcy petition, Tupperware reported more than $1.2 billion in debts and $679.5 million in assets.

    “This is a situation that was in urgent need of a vast global resolution,” Spencer Winters, an attorney representing Tupperware, said during a U.S. Bankruptcy Court hearing Tuesday. Winters called the sale agreement a “great outcome” that he said preserves Tupperware’s business, customer relationships and jobs.

    The sale agreements calls for Tupperware to become a privately held company under supportive ownership of the purchasing lender group, which includes investment firms Stonehill Capital Management and Alden Global Capital.

    Last week, Tupperware said the new company’s “initial focus” would be in the U.S., Canada, Mexico, Brazil, China, South Korea, India and Malaysia, followed by European and additional Asian markets.

    Other closing conditions that must be met before the transaction is completed include an issue with a Swiss entity that still needs to be resolved, according to statements made in court Tuesday.

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    AP Business Reporter Haleluya Hadero contributed to this report.

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    This story was first published on Oct. 29, 2024. It was updated on Oct. 31, 2024 to correct that Stonehill Capital Management and Alden Global Capital are investment firms, not hedge fund managers.

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  • One of the largest solar projects in the US opens in Texas, backed by Google

    One of the largest solar projects in the US opens in Texas, backed by Google

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    One of the largest solar projects in the U.S. opened in Texas on Friday, backed by what Google said is the largest solar electricity purchase it has ever made.

    Google executive Ben Sloss said at the ribbon cutting, about two hours south of Dallas, that the corporation has a responsibility to bring renewable, carbon-free electricity online at the same time it opens operations that will use that power. Google expects to spend $16 billion through 2040 globally to purchase clean energy, he said.

    U.S. Energy Secretary Jennifer Granholm, who attended, said the solar project is a posterchild for the administration’s efforts to incentivize manufacturers and developers to locate energy projects in the U.S.

    “Sometimes when you are in the middle of history, it’s hard to tell, because you are in the middle of it,” she said. “But I’m telling you right now that we are in the middle of history being made.”

    SB Energy built three solar farms side by side, the “Orion Solar Belt,” in Buckholts, Texas. Combined, they will be able to provide 875 megawatts of clean energy. That is nearly the size of a typical nuclear facility. In total, Google has contracted with clean energy developers to bring more than 2,800 megawatts of new wind and solar projects to the state, which it says exceeds the amount of power required for its operations there.

    Google, Amazon and Microsoft have all recently announced investments in nuclear energy to power data centers, too, as the tech giants seek new sources of carbon-free electricity to meet surging demand from data centers and artificial intelligence. Google has a commitment to get all of its electricity without contributing to climate change, regardless of time of day or whether the sun is up, but neither it nor other large companies are meeting those commitments with the rise of artificial intelligence.

    The International Energy Agency forecasts that data centers’ total electricity consumption could reach more than 1,000 terawatt-hours in 2026, more than doubling from 2022. Estimates suggest one terawatt-hour can power 70,000 homes for a year.

    The demand for power is also growing globally as buildings and vehicles electrify. People used more electricity than ever last year, placing strain on electric grids around the world.

    In August, Google said it planned to invest more than $1 billion in Texas this year to support its cloud and data center infrastructure.

    Google will use about 85% of the project’s solar power for data centers in Ellis County and for cloud computing in the Dallas region. In Ellis County, Google operates a data center campus in Midlothian and is building out a new campus in Red Oak. The rest of the solar power will go to the state’s electrical grid. Thousands of sheep graze in the area, maintaining the vegetation around the solar arrays.

    “This project was a spreadsheet and a set of emails that I had been exchanging and a bunch of approvals and so on. And then you come over the rise over there and you see it laid out in front of you and it kind of takes your breath away, right? Because there’s this enormous field of solar arrays,” Sloss said during the ceremony. “And we actually collectively have done this. That is amazing.”

    SB Energy said most of the solar farm components are made in the United States, and that’s only possible because the climate law formally known as the Inflation Reduction Act spurred clean energy manufacturing. The company expects the projects to be the first to qualify for an extra tax credit the law affords for using domestic content.

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    The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

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  • Colsen recalls nearly 90,000 tabletop fire pits after reports of serious burn injuries

    Colsen recalls nearly 90,000 tabletop fire pits after reports of serious burn injuries

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    NEW YORK (AP) — Nearly 90,000 tabletop fire pits are being recalled after flames shooting out from them resulted in a handful of serious burn injuries.

    The Colsen-branded fire pits, which are designed to hold fires by burning liquid alcohol, pose a “flame jetting” hazard, according to a recall notice published Thursday by the U.S. Consumer Product Safety Commission. The flame jetting can occur when a user is refilling the container, if fire flashes back and propels the burning alcohol.

    Alcohol flames can be invisible, and the liquid may also spill or leak out of the pit during use, causing a flash fire. The recall notice warns that this can lead to injury quickly and unexpectedly, potential causing burns “in less than one second that can be serious and deadly.”

    To date, the CPSC says it has received 31 reports of flame jetting or flames escaping from the fire pits, resulting in 19 burn injuries. Two of those were third-degree burns on more than 40% of the victims’ bodies, the commission said, and at least six incidents involved surgery, prolonged medical treatment, loss of function or permanent disfigurement.

    The CPSC and Miami-based Colsen urge consumers to stop using the fire pits immediately and throw them away. The commission noted that it’s against the law to resell or donate the now-recalled products.

    But there’s also no refunds available. According to the recall notice, the company “does not have the financial resources to offer a remedy to consumers” and stopped selling the pits a year after acquiring the product business.

    The about 89,500 fire pits under recall were sold at major retailers like Amazon.com, Wayfair, Walmart and Sharper Image — as well as on social media platforms like TikTok and Meta-owned apps, from January 2020 through July 2024. That includes fire pits that were previously manufactured by another company, Thursday’s recall announcement notes, although the notice did not identify that company.

    The seven models of the recalled fire pits varied in size, shape and color. Sale prices ranged from $40 to $90.

    In a statement on its website, Colsen said it was launching this recall with the CPSC because “we take safety very seriously.”

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  • Amazon.com, Inc. (NASDAQ:AMZN) Shares Acquired by Dfpg Investments LLC

    Amazon.com, Inc. (NASDAQ:AMZN) Shares Acquired by Dfpg Investments LLC

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    Dfpg Investments LLC increased its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 14.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 201,055 shares of the e-commerce giant’s stock after purchasing an additional 25,041 shares during the quarter. Amazon.com makes up approximately 2.3% of Dfpg Investments LLC’s portfolio, making the stock its 4th biggest position. Dfpg Investments LLC’s holdings in Amazon.com were worth $29,851,000 as of its most recent SEC filing.

    Several other institutional investors have also recently added to or reduced their stakes in the business. Meridian Investment Counsel Inc. lifted its stake in Amazon.com by 3.4% during the first quarter. Meridian Investment Counsel Inc. now owns 151 shares of the e-commerce giant’s stock worth $492,000 after purchasing an additional 5 shares during the last quarter. Alterna Wealth Management Inc. lifted its stake in Amazon.com by 1.8% during the first quarter. Alterna Wealth Management Inc. now owns 289 shares of the e-commerce giant’s stock worth $942,000 after purchasing an additional 5 shares during the last quarter. Fiduciary Planning LLC lifted its stake in Amazon.com by 1.5% during the first quarter. Fiduciary Planning LLC now owns 349 shares of the e-commerce giant’s stock worth $1,138,000 after purchasing an additional 5 shares during the last quarter. HBC Financial Services PLLC lifted its stake in Amazon.com by 0.8% during the first quarter. HBC Financial Services PLLC now owns 616 shares of the e-commerce giant’s stock worth $1,717,000 after purchasing an additional 5 shares during the last quarter. Finally, Archetype Wealth Partners lifted its stake in Amazon.com by 3.7% during the first quarter. Archetype Wealth Partners now owns 169 shares of the e-commerce giant’s stock worth $552,000 after purchasing an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 57.96% of the company’s stock.

    Amazon.com Stock Performance

    NASDAQ AMZN opened at $178.87 on Friday. The business’s 50-day moving average price is $168.24 and its 200 day moving average price is $150.01. The company has a market capitalization of $1.86 trillion, a PE ratio of 61.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.17. The company has a current ratio of 1.05, a quick ratio of 0.84 and a debt-to-equity ratio of 0.29. Amazon.com, Inc. has a twelve month low of $96.29 and a twelve month high of $181.41.

    Amazon.com (NASDAQ:AMZNGet Free Report) last released its quarterly earnings data on Thursday, February 1st. The e-commerce giant reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.19. The company had revenue of $169.96 billion for the quarter, compared to the consensus estimate of $165.96 billion. Amazon.com had a return on equity of 16.61% and a net margin of 5.29%. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the business posted $0.21 EPS. On average, research analysts predict that Amazon.com, Inc. will post 4.08 earnings per share for the current year.

    Insider Transactions at Amazon.com

    In other news, VP Shelley Reynolds sold 3,100 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $168.97, for a total value of $523,807.00. Following the transaction, the vice president now directly owns 119,780 shares in the company, valued at approximately $20,239,226.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Andrew R. Jassy sold 50,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $180.00, for a total value of $9,000,000.00. Following the completion of the sale, the chief executive officer now owns 1,994,182 shares in the company, valued at $358,952,760. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Shelley Reynolds sold 3,100 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $168.97, for a total value of $523,807.00. Following the completion of the sale, the vice president now owns 119,780 shares of the company’s stock, valued at approximately $20,239,226.60. The disclosure for this sale can be found here. Insiders have sold a total of 32,210,010 shares of company stock worth $5,505,133,106 in the last three months. 12.30% of the stock is currently owned by company insiders.

    Analyst Ratings Changes

    A number of brokerages have weighed in on AMZN. Oppenheimer boosted their price objective on Amazon.com from $200.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. TD Cowen boosted their price objective on Amazon.com from $200.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Monness Crespi & Hardt boosted their price objective on Amazon.com from $170.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley boosted their price objective on Amazon.com from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Finally, Wolfe Research boosted their price objective on Amazon.com from $195.00 to $205.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a hold rating, forty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Amazon.com presently has an average rating of “Buy” and a consensus target price of $197.95.

    Check Out Our Latest Analysis on Amazon.com

    Amazon.com Company Profile

    (Free Report)

    Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.

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    Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZNFree Report).

    Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)

    Receive News & Ratings for Amazon.com Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Amazon.com and related companies with MarketBeat.com’s FREE daily email newsletter.

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  • iRobot Stock Plunges as Its Takeover by Amazon Likely Is Dead

    iRobot Stock Plunges as Its Takeover by Amazon Likely Is Dead

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    Amazon’s $1.4 billion deal for Roomba-maker iRobot looks set to be blocked by European Union antitrust authorities. It’s only a small setback for the e-commerce giant but it’s a reminder that regulators are still skeptical over acquisitions made by big technology companies.

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  • So Long, Apple and Tesla. We Built a Better Magnificent 7.

    So Long, Apple and Tesla. We Built a Better Magnificent 7.

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    In this article

    AMZN

    AAPL

    MSFT

    NVDA

    SPX

    The Magnificent Seven had an extraordinary year in 2023—one that will be very difficult to repeat. And there will be a new Magnificent Seven in 2024.

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  • PDD Stock Soars on Earnings as Alibaba and Amazon Rival Sees Staggering Growth

    PDD Stock Soars on Earnings as Alibaba and Amazon Rival Sees Staggering Growth

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    Shares in PDD Holdings soared Tuesday after the online retailer reported quarterly results that were far ahead of Wall Street’s expectations. The rival to both Alibaba and Amazon revealed staggering growth.

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  • Walmart, Nvidia, Novo Nordisk, Vista Outdoor, GM, and More Stock Market Movers

    Walmart, Nvidia, Novo Nordisk, Vista Outdoor, GM, and More Stock Market Movers

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    Stock futures pointed higher Friday as Wall Street returned for a shortened trading session following the Thanksgiving holiday. Retailers will be in focus on Black Friday, which marks the unofficial start to the Christmas shopping season.

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  • Carmel Capital Partners LLC Sells 960 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

    Carmel Capital Partners LLC Sells 960 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

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    Carmel Capital Partners LLC cut its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZNFree Report) by 15.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,120 shares of the e-commerce giant’s stock after selling 960 shares during the period. Carmel Capital Partners LLC’s holdings in Amazon.com were worth $667,000 as of its most recent SEC filing.

    A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Grove Bank & Trust boosted its stake in shares of Amazon.com by 2.4% during the second quarter. Grove Bank & Trust now owns 70,424 shares of the e-commerce giant’s stock valued at $9,180,000 after purchasing an additional 1,634 shares in the last quarter. TimeScale Financial Inc. lifted its position in Amazon.com by 4.1% during the second quarter. TimeScale Financial Inc. now owns 9,436 shares of the e-commerce giant’s stock valued at $1,230,000 after acquiring an additional 371 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Amazon.com by 7.1% during the second quarter. Pinnacle Associates Ltd. now owns 500,010 shares of the e-commerce giant’s stock valued at $65,181,000 after acquiring an additional 33,008 shares during the last quarter. Goelzer Investment Management Inc. lifted its position in Amazon.com by 0.7% during the second quarter. Goelzer Investment Management Inc. now owns 40,079 shares of the e-commerce giant’s stock valued at $5,225,000 after acquiring an additional 271 shares during the last quarter. Finally, Garrett Wealth Advisory Group LLC purchased a new stake in Amazon.com during the second quarter valued at approximately $365,000. 57.96% of the stock is currently owned by institutional investors.

    Amazon.com Stock Up 6.8 %

    Shares of NASDAQ AMZN opened at $127.74 on Friday. Amazon.com, Inc. has a 12-month low of $81.43 and a 12-month high of $145.86. The stock has a market cap of $1.32 trillion, a PE ratio of 100.58, a P/E/G ratio of 1.84 and a beta of 1.24. The company has a current ratio of 0.95, a quick ratio of 0.70 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $132.39 and a 200 day moving average of $125.38.

    Amazon.com (NASDAQ:AMZNGet Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The e-commerce giant reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.29. Amazon.com had a net margin of 2.43% and a return on equity of 9.14%. The company had revenue of $134.38 billion during the quarter, compared to analysts’ expectations of $131.54 billion. As a group, sell-side analysts predict that Amazon.com, Inc. will post 2.24 EPS for the current fiscal year.

    Analysts Set New Price Targets

    A number of equities research analysts recently commented on AMZN shares. DA Davidson increased their target price on shares of Amazon.com from $150.00 to $157.00 and gave the company a “buy” rating in a research report on Friday. Rosenblatt Securities increased their target price on shares of Amazon.com from $184.00 to $185.00 and gave the company a “buy” rating in a research report on Friday. CICC Research started coverage on shares of Amazon.com in a research report on Sunday, July 9th. They set an “outperform” rating for the company. Roth Mkm increased their target price on shares of Amazon.com from $155.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Finally, Canaccord Genuity Group lifted their price objective on shares of Amazon.com from $160.00 to $170.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Three research analysts have rated the stock with a hold rating and forty-eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.70.

    Read Our Latest Analysis on Amazon.com

    Insider Activity at Amazon.com

    In other Amazon.com news, CEO Adam Selipsky sold 500 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total value of $69,240.00. Following the transaction, the chief executive officer now directly owns 106,520 shares in the company, valued at approximately $14,750,889.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Amazon.com news, CEO Douglas J. Herrington sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $133.55, for a total value of $534,200.00. Following the transaction, the chief executive officer now directly owns 560,301 shares in the company, valued at approximately $74,828,198.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Selipsky sold 500 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total transaction of $69,240.00. Following the completion of the transaction, the chief executive officer now owns 106,520 shares in the company, valued at $14,750,889.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,408,645 shares of company stock valued at $55,208,288. Corporate insiders own 12.30% of the company’s stock.

    About Amazon.com

    (Free Report)

    Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company’s products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

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    Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)

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  • Amazon Stock Jumps on Earnings Beat. Cloud Results Were Good Enough.

    Amazon Stock Jumps on Earnings Beat. Cloud Results Were Good Enough.

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    Amazon shares rose in late trading Thursday after the company posted better-than-expected financial results for the September quarter.

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  • Ballentine Partners LLC Has $14.62 Million Position in Amazon.com, Inc. (NASDAQ:AMZN)

    Ballentine Partners LLC Has $14.62 Million Position in Amazon.com, Inc. (NASDAQ:AMZN)

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    Ballentine Partners LLC lifted its position in Amazon.com, Inc. (NASDAQ:AMZN) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 112,116 shares of the e-commerce giant’s stock after purchasing an additional 7,168 shares during the quarter. Ballentine Partners LLC’s holdings in Amazon.com were worth $14,615,000 at the end of the most recent reporting period.

    A number of other hedge funds have also made changes to their positions in AMZN. Laurel Wealth Planning LLC raised its stake in shares of Amazon.com by 1,900.0% in the second quarter. Laurel Wealth Planning LLC now owns 320 shares of the e-commerce giant’s stock valued at $34,000 after acquiring an additional 304 shares during the last quarter. Sanctuary Wealth Management L.L.C. bought a new position in Amazon.com in the 4th quarter valued at $37,000. Swaine & Leidel Wealth Services LLC acquired a new position in Amazon.com in the first quarter worth $38,000. Atlantic Private Wealth LLC bought a new stake in shares of Amazon.com during the first quarter worth $43,000. Finally, Goodwin Investment Advisory increased its stake in shares of Amazon.com by 1,225.8% in the second quarter. Goodwin Investment Advisory now owns 411 shares of the e-commerce giant’s stock valued at $44,000 after buying an additional 380 shares in the last quarter. Institutional investors and hedge funds own 57.96% of the company’s stock.

    Insider Activity

    In related news, CEO Douglas J. Herrington sold 50,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $141.00, for a total value of $7,050,000.00. Following the transaction, the chief executive officer now owns 510,301 shares in the company, valued at approximately $71,952,441. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Adam Selipsky sold 500 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total value of $69,240.00. Following the transaction, the chief executive officer now directly owns 106,520 shares in the company, valued at $14,750,889.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Douglas J. Herrington sold 50,000 shares of Amazon.com stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $141.00, for a total transaction of $7,050,000.00. Following the completion of the sale, the chief executive officer now owns 510,301 shares of the company’s stock, valued at approximately $71,952,441. The disclosure for this sale can be found here. Insiders have sold 1,408,645 shares of company stock valued at $55,208,288 over the last ninety days. 12.70% of the stock is currently owned by company insiders.

    Wall Street Analysts Forecast Growth

    A number of equities research analysts have commented on the stock. Susquehanna increased their price objective on shares of Amazon.com from $150.00 to $185.00 and gave the stock a “positive” rating in a report on Friday, August 4th. Bank of America reissued a “buy” rating and issued a $174.00 price target on shares of Amazon.com in a report on Tuesday, September 26th. StockNews.com downgraded Amazon.com from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley reissued an “overweight” rating and issued a $175.00 target price on shares of Amazon.com in a research note on Monday, October 2nd. Finally, DA Davidson reaffirmed a “buy” rating and set a $150.00 price target on shares of Amazon.com in a research note on Wednesday, September 6th. Three research analysts have rated the stock with a hold rating and forty-eight have assigned a buy rating to the stock. Based on data from MarketBeat, Amazon.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.21.

    Check Out Our Latest Stock Report on Amazon.com

    Amazon.com Price Performance

    Shares of NASDAQ AMZN opened at $128.56 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.95 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average price is $132.95 and its two-hundred day moving average price is $125.45. The company has a market cap of $1.33 trillion, a PE ratio of 101.23, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. Amazon.com, Inc. has a twelve month low of $81.43 and a twelve month high of $145.86.

    Amazon.com (NASDAQ:AMZNGet Free Report) last posted its earnings results on Thursday, August 3rd. The e-commerce giant reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.29. Amazon.com had a return on equity of 9.14% and a net margin of 2.43%. The business had revenue of $134.38 billion for the quarter, compared to analyst estimates of $131.54 billion. On average, analysts predict that Amazon.com, Inc. will post 2.23 EPS for the current year.

    Amazon.com Profile

    (Free Report)

    Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company’s products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

    See Also

    Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZNFree Report).

    Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)

    Receive News & Ratings for Amazon.com Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Amazon.com and related companies with MarketBeat.com’s FREE daily email newsletter.

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  • Amazon.com, Inc. (NASDAQ:AMZN) Shares Bought by Bank Julius Baer & Co. Ltd Zurich

    Amazon.com, Inc. (NASDAQ:AMZN) Shares Bought by Bank Julius Baer & Co. Ltd Zurich

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    Bank Julius Baer & Co. Ltd Zurich raised its position in Amazon.com, Inc. (NASDAQ:AMZN) by 7.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,118,490 shares of the e-commerce giant’s stock after buying an additional 204,811 shares during the period. Amazon.com comprises 2.4% of Bank Julius Baer & Co. Ltd Zurich’s investment portfolio, making the stock its 8th biggest position. Bank Julius Baer & Co. Ltd Zurich’s holdings in Amazon.com were worth $406,526,000 at the end of the most recent quarter.

    A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Amazon.com by 1.8% during the third quarter. Vanguard Group Inc. now owns 701,550,877 shares of the e-commerce giant’s stock worth $79,275,249,000 after purchasing an additional 12,456,995 shares in the last quarter. State Street Corp increased its stake in shares of Amazon.com by 1.0% during the third quarter. State Street Corp now owns 329,849,003 shares of the e-commerce giant’s stock worth $37,272,937,000 after purchasing an additional 3,121,516 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Amazon.com by 1,838.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 311,971,394 shares of the e-commerce giant’s stock worth $33,134,481,000 after purchasing an additional 295,880,050 shares in the last quarter. FMR LLC increased its stake in shares of Amazon.com by 1,792.4% during the second quarter. FMR LLC now owns 286,047,356 shares of the e-commerce giant’s stock worth $30,381,089,000 after purchasing an additional 270,931,640 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Amazon.com by 2.3% during the first quarter. Geode Capital Management LLC now owns 165,309,180 shares of the e-commerce giant’s stock worth $17,031,683,000 after purchasing an additional 3,774,390 shares in the last quarter. Hedge funds and other institutional investors own 57.96% of the company’s stock.

    Insider Activity at Amazon.com

    In related news, SVP David Zapolsky sold 42,816 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $145.13, for a total value of $6,213,886.08. Following the transaction, the senior vice president now directly owns 64,380 shares of the company’s stock, valued at approximately $9,343,469.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Adam Selipsky sold 500 shares of the stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $126.64, for a total value of $63,320.00. Following the transaction, the chief executive officer now directly owns 105,520 shares of the company’s stock, valued at approximately $13,363,052.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP David Zapolsky sold 42,816 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $145.13, for a total transaction of $6,213,886.08. Following the completion of the transaction, the senior vice president now directly owns 64,380 shares in the company, valued at $9,343,469.40. The disclosure for this sale can be found here. Insiders have sold 1,408,645 shares of company stock valued at $55,207,763 in the last ninety days. Insiders own 12.30% of the company’s stock.

    Amazon.com Trading Down 0.8 %

    Shares of NASDAQ:AMZN opened at $131.47 on Wednesday. Amazon.com, Inc. has a 52 week low of $81.43 and a 52 week high of $145.86. The company’s 50 day moving average is $134.07 and its two-hundred day moving average is $124.57. The company has a current ratio of 0.95, a quick ratio of 0.70 and a debt-to-equity ratio of 0.37. The company has a market cap of $1.36 trillion, a PE ratio of 103.52, a P/E/G ratio of 1.70 and a beta of 1.24.

    Amazon.com (NASDAQ:AMZNGet Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The e-commerce giant reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.29. The company had revenue of $134.38 billion for the quarter, compared to the consensus estimate of $131.54 billion. Amazon.com had a net margin of 2.43% and a return on equity of 9.14%. Equities analysts predict that Amazon.com, Inc. will post 2.23 earnings per share for the current fiscal year.

    Wall Street Analysts Forecast Growth

    A number of analysts have recently commented on the stock. CICC Research assumed coverage on shares of Amazon.com in a research note on Sunday, July 9th. They set an “outperform” rating for the company. Canaccord Genuity Group boosted their target price on shares of Amazon.com from $160.00 to $170.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Bank of America restated a “buy” rating and set a $174.00 price target on shares of Amazon.com in a research report on Tuesday, September 26th. Truist Financial lowered their price target on shares of Amazon.com from $176.00 to $174.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Tigress Financial boosted their price target on shares of Amazon.com from $192.00 to $204.00 in a research report on Thursday, July 13th. Two analysts have rated the stock with a hold rating and forty-nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.26.

    View Our Latest Analysis on AMZN

    Amazon.com Profile

    (Free Report)

    Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company’s products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

    Featured Stories

    Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZNFree Report).

    Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)

    Receive News & Ratings for Amazon.com Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Amazon.com and related companies with MarketBeat.com’s FREE daily email newsletter.

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  • Amazon, Microsoft Cloud Services Face UK Competition Probe

    Amazon, Microsoft Cloud Services Face UK Competition Probe

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    By Michael Susin

    The U.K.’s communications regulator has referred the cloud market to the country’s competition watchdog for an investigation, alleging that certain features by market leaders Amazon and Microsoft could limit competition.

    The Office of Communications regulator said Thursday that a market study found that high fees for transferring data, committed spend discounts and technical restrictions could make it difficult for customers to switch cloud provider or to use multiple providers.

    “Some U.K. businesses have told us they’re concerned about it being too difficult to switch or mix and match cloud provider, and it’s not clear that competition is working well. So, we’re referring the market to the [Competition and Markets Authority] for further scrutiny, to make sure business customers continue to benefit from cloud services,” Ofcom’s director responsible for the market study, Fergal Farragher, said.

    The regulator said Amazon Web Services (AWS) and Microsoft had a combined market share in the U.K. of 70% to 80% in 2022.

    The CMA will now start an independent investigation to decide whether there is an impact on competition.

    Neither Amazon nor Microsoft were immediately available for comment.

    Write to Michael Susin at michael.susin@wsj.com

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  • Level Financial Advisors Inc. Decreases Stock Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

    Level Financial Advisors Inc. Decreases Stock Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

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    Level Financial Advisors Inc. cut its holdings in Amazon.com, Inc. (NASDAQ:AMZN) by 7.4% during the 2nd quarter, Holdings Channel reports. The firm owned 3,185 shares of the e-commerce giant’s stock after selling 255 shares during the period. Level Financial Advisors Inc.’s holdings in Amazon.com were worth $415,000 at the end of the most recent quarter.

    Several other large investors also recently modified their holdings of the business. Laurel Wealth Planning LLC raised its stake in Amazon.com by 1,900.0% in the second quarter. Laurel Wealth Planning LLC now owns 320 shares of the e-commerce giant’s stock worth $34,000 after buying an additional 304 shares in the last quarter. Sanctuary Wealth Management L.L.C. bought a new position in Amazon.com in the fourth quarter worth about $37,000. Swaine & Leidel Wealth Services LLC bought a new position in Amazon.com in the first quarter worth about $38,000. Ruedi Wealth Management Inc. bought a new position in Amazon.com in the fourth quarter worth about $40,000. Finally, Atlantic Private Wealth LLC purchased a new stake in Amazon.com in the first quarter worth $43,000. 57.96% of the stock is owned by institutional investors.

    Insider Buying and Selling

    In other Amazon.com news, CEO Adam Selipsky sold 500 shares of Amazon.com stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total value of $69,240.00. Following the sale, the chief executive officer now directly owns 106,520 shares in the company, valued at approximately $14,750,889.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Amazon.com news, CEO Adam Selipsky sold 500 shares of Amazon.com stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $138.48, for a total value of $69,240.00. Following the sale, the chief executive officer now directly owns 106,520 shares in the company, valued at approximately $14,750,889.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP David Zapolsky sold 42,816 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $145.13, for a total value of $6,213,886.08. Following the transaction, the senior vice president now owns 64,380 shares of the company’s stock, valued at approximately $9,343,469.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,408,645 shares of company stock valued at $55,223,448. Corporate insiders own 12.30% of the company’s stock.

    Amazon.com Trading Up 0.9 %

    Shares of Amazon.com stock opened at $127.12 on Friday. The company has a market capitalization of $1.31 trillion, a P/E ratio of 100.10, a P/E/G ratio of 1.67 and a beta of 1.24. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.70 and a current ratio of 0.95. The company has a fifty day moving average of $134.87 and a 200 day moving average of $121.68. Amazon.com, Inc. has a fifty-two week low of $81.43 and a fifty-two week high of $145.86.

    Amazon.com (NASDAQ:AMZNGet Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The e-commerce giant reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.29. Amazon.com had a return on equity of 9.14% and a net margin of 2.43%. The company had revenue of $134.38 billion for the quarter, compared to analysts’ expectations of $131.54 billion. On average, sell-side analysts anticipate that Amazon.com, Inc. will post 2.23 earnings per share for the current fiscal year.

    Analyst Upgrades and Downgrades

    Several equities research analysts recently weighed in on AMZN shares. Canaccord Genuity Group upped their price target on Amazon.com from $160.00 to $170.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. BNP Paribas raised shares of Amazon.com from an “underperform” rating to a “neutral” rating and set a $140.00 price objective on the stock in a research note on Friday, August 4th. Sanford C. Bernstein boosted their price objective on shares of Amazon.com from $140.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 19th. Piper Sandler boosted their price objective on shares of Amazon.com from $175.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, August 24th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $160.00 price objective on shares of Amazon.com in a research note on Friday, September 22nd. Three equities research analysts have rated the stock with a hold rating and forty-eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Amazon.com presently has a consensus rating of “Moderate Buy” and an average price target of $161.30.

    Get Our Latest Stock Analysis on Amazon.com

    About Amazon.com

    (Free Report)

    Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company’s products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

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    Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZNFree Report).

    Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)

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