Amazon shares fall for a second straight session on Friday, on-line retailer reaches agreement with Apple to sell its products

November 12, 2018 10:59 am

According to an announcement by Amazon.com Inc (AMZN) on Friday, it would ship more products by Apple Inc internationally during the upcoming holiday shopping season. The e-commerce giant said it would sell the newest versions of Apple’s iPhone, iPad as well as other devices in Europe, India, Japan and the United States.

Amazon shares closed lower for a second consecutive trading session on NASDAQ on Friday. It has also been the steepest daily loss since October 29th. The stock went down 2.42% ($42.48) to $1,712.43, after touching an intraday low at $1,701.87, or a price level not seen since November 7th ($1,664.08).

Shares of Amazon.com Inc have surged 46.43% so far in 2018 compared with a 4.02% gain for the benchmark index, S&P 500 (SPX).

In 2017, Amazon’s stock rose 55.96%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

The range of products will also include the Apple Watch. On the other hand, the Apple HomePod will not be included, as it is a high-end alternative to Amazon’s Echo.

Amazon also said that, as of January 4th, it would remove from its website Apple products from third-party merchants, which are not authorized by the tech giant.

Headphones and other non-branded accessories, which are compatible with Apple devices, will also be available for purchase on Amazon’s site, the on-line retailer said.

“We’re working with Amazon to improve the experience for Apple customers on their site and we look forward to those customers having another great way to buy iPhone, iPad, Apple Watch, Mac and more,” Apple Inc said in a statement, cited by Reuters.

According to CNN Money, the 46 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $2,129.12, with a high estimate of $2,943.30 and a low estimate of $1,900.00. The median estimate represents a 24.33% upside compared to the closing price of $1,712.43 on November 9th.

The same media also reported that 41 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:

Central Pivot Point – $1,697.60
R1 – $1,798.83
R2 – $1,885.24
R3 – $1,986.47
R4 – $2,087.71

S1 – $1,611.19
S2 – $1,509.96
S3 – $1,423.55
S4 – $1,337.15

Where to Trade

BinaryTribune is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action, Binary Options and Social Trading.

Related