Amazon.com, Inc. (NASDAQ:AMZN) rises 1.50% after markets recover from the slump
Amazon.com, Inc. (NASDAQ:AMZN) gains 1.50% in today’s trading session as the global markets rise on a positive FEDs outlook data that pulled the markets from the slump mood it had fallen into the last week.
Amazon had seen some rebounding previously in the week on a positive research note issued by analyst at Evercore partners. The online retailer had been reiterated an overweight rating by evercore partners in a research note on Monday which had pulled up the Company’s shares by 3% in the single trading day. But shares were again down at $212.50 on a volume of 2.30 million shares yesterday as the sectors became sluggish and went into a downward rally.
Company’s stock has been facing a downward trend after it had issued a lower than expected second quarter fiscal 2012 earnings guidance and a growing concern over its revenue was clearly visible on falling Kindle revenue.
The Company has tried to pull up the collapsing revenue growth by reducing the prices of its device and by providing various offers to the users including advertisement usage.
The company had reported $0.28 earnings per share for the first quarter of 2012 which outlawed the analysts’ consensus estimate of $0.07 by i.e. by $0.21. First quarter revenue was up 33.8% from the prior quarter while the current estimate for its second quarter earnings is $0.13 per share on an average.
However, analysts at Deutsche Bank (NYSE: DB) and analysts at Nomura (NYSE: NMR) reiterated a “buy” rating on shares of Amazon.com while the Company had been revised to neutral rating from underperform rating by analyst at Zacks.