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Amazon shares close higher on Monday, construction of new warehouses in Spain suspended until 2024 | report

According to a report by Spanish news website El Confidencial, which cited unnamed sources, Inc (AMZN) has suspended the construction of new warehouses in Spain until 2024.

On the other hand, the US e-commerce giant said that its commitment to Spain remained.

“In 2022, we have opened new logistics stations, Amazon Fresh hubs and a logistics centre (in Spain),” Amazon said in an emailed statement, cited by Reuters.

In June, Amazon had announced plans to add 2,000 new job positions in Spain this year. Over 500 jobs were planned within high-demand sectors such as engineering, software development, data science and machine learning.

Amazon shares closed higher for the sixth time in the past ten trading sessions on NASDAQ on Monday. The stock went up 0.91% ($1.13) to $124.66, after touching an intraday high at $124.70. The latter has been a price level not seen since September 15th ($130.34).

The shares of Inc have retreated 25.23% so far in 2022 compared with an 18.17% loss for the benchmark index, S&P 500 (SPX).

In 2021, Inc’s stock went up 2.38%, thus, it again underperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 37 out of 38 surveyed investment analysts had rated Inc’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $177.05. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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