Shares of tech giant Amazon.com Inc. NASDAQ: AMZN dropped more than 10% in just two sessions to start the month, immediately slipping into a technical correction. The move came after the company's Q2 earnings report, a set of good results but not quite good enough to justify the 45% rally since April.
Amazon is rolling out full-service grocery delivery. The news quickly ricocheted through the market, hitting shares of a range of competitors.
“The reason this announcement is so significant is that Amazon has yet to displace incumbents in the grocery category, at least for perishables,” Wedbush analysts said.
Amazon has begun adding perishable groceries to its Same-Day Delivery service in the United States.
Amazon is now letting shoppers in 1,000 cities across the U.S. order perishable food items through its Same-Day Delivery service, as the e-commerce giant seeks to compete more directly with Instacart and Walmart+ in the growing quick-commerce space. Amazon plans to expand the option to over 2,300 cities by the end of the year.
Amazon is bringing same-day delivery of fresh foods to more pockets of the U.S. The service is launching in more than 1,000 U.S. cities and towns, with plans to expand to at least 2,300 locations by the end of this year.
Shares of Amazon.com Inc. (NASDAQ: AMZN) gained 3.41% over the past five trading sessions, halting a losing streak and bringing the stock's year-to-date performance back into the green with a gain of 0.57%.
Amazon's AWS Struggles: Amazon's recent earnings call revealed disappointing growth in AWS, with a growth rate of only 17.5%, compared to Microsoft's Azure, which surged to 39%.
The gig economy presents numerous benefits, and for those looking to capitalize on this growing trend, keeping an eye on stocks such as UBER, DASH and AMZN could be a wise move.
Bill Nygren's Oakmark Fund recently took new positions in these undervalued stocks.
A hybrid approach to AI is powering Amazon's Rufus shopping assistant and cutting-edge warehouse robots.
Investors on the lookout for top stock picks in August have come to the right place.