Amazon Surges As Company Throttles Estimates (AMZN, NFLX, DANG, EBAY, PCLN, EXPE, OSTK)
Shares of Amazon.com (AMZN), the world’s largest online retailer, are surging 5% after the company reported second-quarter results that handily topped Wall Street forecasts. The Washington-based company said it earned $191 million, or 41 cents a share, compared with $207 million, or 45 cents, a year earlier as sales rose to $9.91 billion. Analysts were expecting a profit of 34 cents on sales of $9.38 billion.
On a slack day for the broader market, Amazon is helping the Dotcom Retailer Stocks Index to a 0.2% gain. Amazon’s third-quarter profit outlook disappointed some analysts due to compensation costs, but the company forecast sales of $10.3-$11.1 billion. Analysts are expecting sales of $10.4 billion for the current quarter.
While Amazon’s e-reader, the Kindle, is helping boost sales, the company is fighting tax issues in several states and is locked in an intense battle with rival Netflix (NFLX) to provide streaming entertainment services. After plunging earlier this week on the back of some sour third-quarter guidance, shares of Netflix are higher by 2%.
Looking at other Index members, E-Commerce China Dangdang (DANG), the Amazon of China, is also up 2%. eBay (EBAY) and Priceline.com (PCLN) are both down 2%. Expedia (EXPE) and Overstock.com (OSTK) are both lower by 1%.
Investors can track the Dotcom Retailer Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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