21 Hours Ago
Stocks finish lower
Stocks concluded Friday’s session in the red.
The Dow lost more than 370 points, or 0.9%. The S&P 500 and Nasdaq Composite shed about 0.7% and 0.8%, respectively.
The Dow was the only of the three major indexes to register gains this week, adding 0.7%. The S&P 500 and Nasdaq dropped about 2% and 3.7%, respectively.
— Alex Harring
21 Hours Ago
Bank of America says ‘successful’ Prime Day supports Amazon’s 3Q outlook
Bank of America analyst Justin Post said Amazon made fewer disclosures in its Prime Day press release on Thursday, including the use 15% fewer words in the statement. That said, Post expects a “successful” Prime Day supports the outlook for Amazon’s third quarter.
The analyst said he is “constructive” on Amazon’s second-quarter e-commerce sales, but expects a profit beat will be needed during the quarter to meet investor expectations. Shares have declined more than 6% this week.
One of the missing details from this year’s release was color around how much customers saved during the two-day sales event, Post said. This year’s release said it was “billions,” but last year Amazon claimed its shoppers saved more than $2.5 billion, he said.
CNBC Pro reported that it is shaping up to be a very promotional back-to-school shopping season. Adobe Analytics, which looked at Amazon’s Prime Day and competing events on Tuesday and Wednesday, said online discounts peaked at 23% off for electronics, which was deeper than the average 14% markdown in 2023….
