Amazon Stock In Focus On Reported 'Largest' Workers Strike: Retail Shrugs It Off
By Stocktwits Inc | First Published Dec 19, 2024, 1:21 PM ISTThe strike was finalized after Amazon reportedly refused to discuss further bargaining with the union.
Amazon shares were down 4.6% on Wednesday evening as Amazon Teamsters, representing at least 10,000 Amazon workers, announced it will begin its “largest strike” against the company, but retail sentiment on Stocktwits stayed strong.
The Teamsters union on Wednesday said the strike will begin on Thursday and will include facilities in New York City, Atlanta, Southern California, San Francisco, and Skokie, Ill.
Latest Videos
The strike was finalized after Amazon reportedly refused to discuss further bargaining with the union.
According to an ABC report, Teamsters General President Sean M. O'Brien said, "We gave Amazon a clear deadline to come to the table and do right by our members. They ignored it."
Retail sentiment on the stock, meanwhile, improved to ‘bullish’ from ‘bearish’ a day ago. While message volumes climbed to the ‘high’ zone.
One bullish commenter highlighted the stock’s range, noting the need for a broader correction in the markets.
While many were also bearish.
To be sure, Amazon along with the broader market, also reacted to Fed Chair Jerome Powell’s speech on Wednesday that signaled the central bank could keep interest rates higher than expected in 2025, according to a WSJ report.
Earlier this week, JPMorgan raised the firm's price target to $280 from $250 with an ‘overweight’ rating, The Fly.com reported. According to the analyst, the tech giant should have a positive year ahead as it predicts artificial intelligence will continue to be a strong play, although the focus may move to agents and applications. The analyst named Amazon, Meta, Alphabet, and Spotify as its top picks for 2025.
Amazon stock is up 47% year-to-date.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.