Amazon shares soar on strong growth
Amazon’s (AMZN) stock is surging after the e-commerce giant crushed earnings expectations. One highlight was growth in its cloud business. Amazon Web Services’ revenue jumped 42% from a year ago. The company posted a profit of 52 cents on revenue of $43.7 billion. Daniel Ives of GBH Insights wrote in a note to clients that Amazon’s results were “a Picasso-like quarter with the company handily beating all metrics across the board.” Shares were last trading up 10.9% at $1,078.66 a share.
Tesla reportedly cuts orders for Model 3 parts
Tesla (TSLA) is under pressure following reports from the Economic Daily News that it’s cutting orders for Model 3 parts from one Taiwanese supplier. The supplier, Hota Industrial Mfg. Co, blamed the cuts on a bottleneck in Model 3 production. Tesla shares were last trading down 1.9% at $320.07 a share.
JCPenney drags down retail sector after slashing guidance
JCPenney (JCP) shares are tumbling after the department store chain slashed its guidance for the third quarter. The company said the lowered outlook is a result of its decision to focus on getting rid of slow-moving inventory. Chief Executive Marvin Ellison wrote in a statement, “We took the necessary steps to accelerate inventory liquidation primarily across all apparel divisions, which increases available funding to invest in new and trending merchandise categories.” JCPenney’s rivals were trading lower on the news, including Macy’s (M) and Kohl’s (KSS).
Apple’s iPhone X pre-orders start today
Apple’s (AAPL) iPhone X goes on sale today, but customers will have to wait longer than expected to get their hands on the device. The tech giant is now telling customers who preorder the new iPhone through its site that they will have to wait 5 to 6 weeks for both the 64GB and the 256 versions. Apple shares were up 2.2% to $160.93 a share as of 11 a.m. ET.