According to a statement by Amazon.com Inc (AMZN) on Thursday, the e-commerce giant intends to discontinue operating a marketplace as well as providing seller services on its Chinese website Amazon.cn from July 18th.
Amazon shares closed lower for the fourth time in the past ten trading sessions on NASDAQ on Thursday. The stock edged down 0.17% ($3.13) to $1,861.69, after touching an intraday low at $1,859.32, or a price level not seen since April 16th ($1,848.00).
Shares of Amazon.com Inc have surged 23.95% so far in 2019 compared with a 15.88% gain for the benchmark index, S&P 500 (SPX).
In 2018, Amazon’s stock went up 28.43%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
“We are working closely with our sellers to ensure a smooth transition and to continue to deliver the best customer experience possible,” a spokesperson for Amazon was quoted as saying by Reuters.
“Sellers interested in continuing to sell on Amazon outside of China are able to do so through Amazon Global Selling,” the representative said.
According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $2,100.00, with a high estimate of $2,450.00 and a low estimate of $1,850.00. The median estimate represents a 12.80% upside compared to the closing price of $1,861.69 on April 18th.
The same media also reported that 39 out of 44 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 5 – as “Outperform”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:
Central Pivot Point – $1,840.42
R1 – $1,855.73
R2 – $1,868.40
R3 – $1,883.71
R4 – $1,899.02
S1 – $1,827.75
S2 – $1,812.44
S3 – $1,799.77
S4 – $1,787.10