PREVIEW: Amazon.com shares drop; results due after the closing bell

Reuters

PREVIEW: Amazon.com shares drop; results due after the closing bell

2024 10월 31, 오후 6:23 GMT

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** Amazon.com Inc AMZN.O shares were down 3.8% on Thurs along with other tech-related shares, while the co was due to report a rise in quarterly rev when it reports results after the closing bell

** Stocks fell sharply following warnings from Meta Platforms META.O and Microsoft MSFT.O about escalating AI costs

** The co is expected to report rev rose to $157.20 bln from $143.08 bln a year ago, and to report earnings of $1.14/shr vs 94c in the yr-ago period, according to LSEG

** Daniel Morgan, senior portfolio manager at Synovus Trust Company in Atlanta, wrote that investors will want to know if elevated AI-based capital expenditures are placing a burden on AMZN's near-term profit growth.

** "Like peers GOOGL, Microsoft and Meta, the size of the GenAI opportunity continues to grow... but unfortunately, so does the upfront investment," he wrote in a recent note.

** Analyst ratings on the stock include 64 "strong buy" or "buy" ratings, four "hold" ratings and no "sell" or "strong sell" ratings, based on LSEG data

** The median 12-mo price target for AMZN is $220.00; the stock was last at $185.34

** Including the session move, AMZN is up ~22% for the YTD vs ~11% gain in the Dow Jones industrial average .DJI

Reporting by Caroline Valetkevitch

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PREVIEW: Amazon.com shares drop; results due after the closing bell

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