Thursday’s Headlines: Amazon Takes on the Fashion World
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Boston Beer Co. (SAM) +2.6%
Paycom (PAYC) +2.2%
Wix (WIX) +2.1%
Moving Down ⬇️
Ford Motor Company (F) -7.9%
Axos Financial (AX) -7.0%
Lemonade (LMND) -4.9%
Lovesac (LOVE) -4.6%
MercadoLibre (MELI) -3.6%
1. Amazon (AMZN) is set to launch its first-ever apparel store later this year. The store, which will be named Amazon Style, will be located in Glendale, California. The shopping experience planned by Amazon will rely heavily on the customers’ smartphones. Display items with QR codes will be all that is featured on the store floor, with buyers having to scan those codes to view size availability, color options, or product ratings. According to Simoina Vasen, managing director of Amazon Style, “this allows us to offer more selection without requiring customers to sift through racks to find that right color, size, and fit.” Amazon will be hoping this high-tech method of shopping will entice customers to at least sample its latest offering. Read more here.
2. Google (GOOG) is looking to bolster its payments division through the hire of former PayPal (PYPL) executive Arnold Goldberg. Goldberg will be part of a wider strategy regarding the company’s financial sector, with Google looking to offer a wide range of services, including cryptocurrency. Despite not directly accepting cryptocurrency for any transactions, the company has signed a number of partnerships with firms such as Gemini and Bitpay to support their crypto cards. The addition of Goldberg should serve as a confirmation that Google is keeping its finger on the pulse of the finance world and is ready to move with it. As President of Commerce for the firm, Bill Ready put it, “As user demand and merchant demand evolves, we’ll evolve with it.” Read more here.
3. Prologis (PLD) posted an impressive earnings beat yesterday in the company’s fourth-quarter call. The real estate investment trust posted diluted earnings per share (EPS) of $1.67 for the quarter and $3.94 for the year compared to $0.38 and $2.01 for the same periods in 2020. The company also posted quarterly revenue of $1.07 billion, beating analyst estimates of $1.05 billion. This marks Prologis’ third revenue beat out of the last four quarters in a resounding show of strength for the company. Added to this, the firm beat estimates on funds from operations (FFO) for the fourth quarter in a row, posting quarterly FFO of $1.12 per share against analysts’ estimate of $1.10. Read more here.
Two companies on the MyWallSt shortlist will report earnings today:
Get this week’s full earnings calendar here.