Amazon Stock In Focus On Reported Warehouse Strikes: Retail Turns Bearish

Amazon Teamsters have reportedly authorised strikes at two of the retailer’s warehouses in New York.

Shares of Amazon rose slightly on Monday morning even as the retailer faced the possibility of strikes at two of its New York warehouses, with retail sentiment inching down.

The International Brotherhood of Teamsters, one of the largest labor unions, reportedly authorized strikes at two of the retailer’s warehouses in New York, WSJ reported.

Retail sentiment on Stocktwits turned ‘bearish’ from ‘neutral’ from a week ago. Message volumes inched down to ‘low’ from ‘normal’ in the same period.

The International Brotherhood of Teamsters’ vote came despite the tech giant committing to invest $2 billion towards boosting delivery driver pay amid ongoing conflict over contract negotiations.

According to the report, the Staten Island JFK8 and Queens DBK4 facilities are the warehouses that voted “nearly unanimously to authorize a strike of their own.”

The union reportedly said its decision was based on “Amazon’s illegal refusal to recognize their union and negotiate a contract addressing the company’s low wages and dangerous working conditions.”

Separately, Jefferies has raised the firm's price target to $275 from $235 with a ‘Buy’ rating on the shares. Its 50% cloud market share is in favor of strong artificial intelligence revenue potential over time, The Fly.com reported citing the analyst firm.

Amazon stock is up 52% year-to-date.

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