Amazon shares gain for a second straight session on Tuesday, e-commerce giant to add 1 800 permanent contract jobs in France by end of 2019

July 3, 2019 9:24 am

Amazon.com Inc (AMZN) revealed on Tuesday plans to add as many as 1 800 permanent contract job positions in France by the end of 2019.

Amazon shares closed higher for a second consecutive trading session on NASDAQ on Tuesday. The stock went up 0.63% ($12.12) to $1,934.31, after touching an intraday high at $1,934.54, or a price level not seen since June 20th ($1,935.20).

Shares of Amazon.com Inc have surged 28.78% so far in 2019 compared with an 18.60% gain for the benchmark index, S&P 500 (SPX).

In 2018, Amazon’s stock went up 28.43%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.

The expansion reflects Amazon’s commitment to France, its third-largest European market, where it has invested more than EUR 2 billion since 2010, the company said in a statement. The latest increase is expected to boost the total number of permanent staff in the country to 9 300 by the end of this year, Amazon said.

The on-line giant has 20 sites across France, including 6 logistics centers. The most recent one is due to begin operations during the summer in Bretigny-Sur-Orge, a commune in the southern suburbs of Paris.

Amazon has a dominant position in France’s e-commerce with a market share of 17.3%, according to Kantar data. On the other hand, the company has only a 2% market share in the local grocery industry.

According to CNN Money, the 43 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $2,250.00, with a high estimate of $2,750.00 and a low estimate of $2,030.00. The median estimate represents a 16.32% upside compared to the closing price of $1,934.31 on July 2nd.

The same media also reported that 43 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 4 – as “Outperform”.

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 – $1,894.30
R1 – $1,916.19
R2 – $1,938.74
R3 – $1,960.63
R4 – $1,982.51

S1 – $1,871.75
S2 – $1,849.86
S3 – $1,827.31
S4 – $1,804.75

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