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  • Oct. 25, 2013, 11:33 AM
    • Raymond James has upped Amazon (AMZN +8%) to Strong Buy following its Q3 revenue beat, while setting a PT of $446. It's far from alone in raising its PT; RBC has set an upside scenario target of $500, while declaring the quarter "something of an inflection point."
    • Jefferies observes Amazon's op. income has topped the high end of guidance for 8 straight quarters. Evercore likes the fact Amazon's North American 33% electronics & general merchandise (EGM) sales growth (~2x U.S. e-commerce growth) beat the firm's 27% estimate.
    • Accelerating growth - Q3 rev. growth of 24% topped Q2's 22% - and ongoing gross margin improvement - Q3 GM rose 240 bps Y/Y to 27.7% - are getting attention. Global media revenue ($5.03B) +9% Y/Y in Q3 vs. +7% in Q2, EGM ($11.05B) +29% vs. +28%.
    • Amazon's total Q3 paid unit growth was 29%, even with Q2, and 3rd-party sellers still made up 40% of unit sales. Active accounts +9M Q/Q to 224M after rising by 6M in Q2. Also, North American "Other" sales (dominated by AWS) rose 56% Y/Y to $1.01B.
    • At the same time, Amazon's aggressive spending isn't letting up. Fulfillment spend rose to 11.5% of revenue from 10.5% a year ago, and tech/content spend to 9.2% from 7.8%. TTM capex +$320M Q/Q to $4.59B.
    • Interestingly, eBay (EBAY -1.6%) is lower even as Amazon soars. When contrasted with Amazon's figures, eBay's Q3 Marketplaces numbers and Q4 guidance point to further share losses on a relative basis.
    • Q3 results, details/guidance, CC transcript
    | Oct. 25, 2013, 11:33 AM | 11 Comments
  • Oct. 25, 2013, 9:22 AM
    | Oct. 25, 2013, 9:22 AM | 1 Comment
  • Oct. 24, 2013, 4:25 PM
    • Amazon (AMZN) grew product sales at a fast clip of 19.6% in Q3, and services sales rose even faster at 45%, but total operating expenses didn't just go away as the company's cost of sales rose 20% to $12.366B during the period.
    • Sales grew 31% for the company's North America segment and 15% for International as the net sales mix moved 3 bps back toward North America.
    • The company sees Q4 revenue of of $23.5B - $26.5B to top its earlier forecast, but with a mid-point below the analysts' consensus estimate of $25.9B.
    • The guidance for Q4 operating income is -$500M to +$500M, a nifty $1B range for a single quarters' worth of sales. (PR)
    • AMZN +6.0% AH to $351.36.
    | Oct. 24, 2013, 4:25 PM | 4 Comments
  • Oct. 24, 2013, 4:09 PM
    • (AMZN): Q3 EPS of -$0.09 in-line. Revenue of $17.1B (+24% Y/Y) beats by $400M. Shares +7.4% AH. (PR)
    | Oct. 24, 2013, 4:09 PM | 49 Comments
  • Oct. 24, 2013, 2:13 PM
    • Ahead of Amazon's (AMZN +1%) Q3 report (due after the close), The Verge reports the e-commerce giant has delayed the launch of its expected Web streaming set-top, and that it's "increasingly unlikely" the device will launch in time for the holidays.
    • The WSJ reported on Oct. 3 Amazon wants to launch the set-top by the holidays, and that the device will support both Amazon and 3rd-party content. When the set-top finally does launch, it'll have to directly compete against market leaders Roku and Apple, and indirectly against game console vendors, whose systems offer plenty of streaming options.
    | Oct. 24, 2013, 2:13 PM | 2 Comments
  • Oct. 24, 2013, 12:10 AM
  • Oct. 23, 2013, 5:35 PM
  • Oct. 23, 2013, 9:30 AM
    • FedEx (FDX) expects Cyber Monday shipments to increase 11% Y/Y as online orders boost shipments to over 22M for the day. The news helps temper some of the worries on e-commerce coming out of eBay (EBAY).
    • The double-digit pace of online orders easily beats estimates for Black Friday store sales and sets up well for Amazon (AMZN).
    • Other retailers with strong online businesses could pick up sales if online continues to grab steal market share away from mall traffic.
    • On watch: Urban Outfitters (URBN), Zale (ZLC), Under Armour (UA), Vera Bradley (VRA), and Dick's Sporting Goods (DKS).
    | Oct. 23, 2013, 9:30 AM | 1 Comment
  • Oct. 22, 2013, 11:13 AM
    • Amazon (AMZN +1.1%) increases the size of an order that qualifies for free shipping to $35 in a move well-timed ahead of the holiday rush.
    • It's the first increase in the U.S. on the free shipping minimum in over a decade.
    • The big picture: The higher minimum amount could help push more customers into a Prime membership priced at $79 a year.
    | Oct. 22, 2013, 11:13 AM | 8 Comments
  • Oct. 22, 2013, 7:37 AM
    • Amazon (AMZN) says it will open a pair of distribution centers in Czech Republic next year in order to help demand in Europe.
    • The facilities will open in the second half of 2014 to service the central and eastern part of Europe.
    | Oct. 22, 2013, 7:37 AM
  • Oct. 20, 2013, 2:30 AM
    • Illinois' Supreme Court has invalidated a state law that taxes certain Internet transactions, explaining that it was superseded by a federal law that bans charging levies on "electronic commerce."
    • The ruling by a vote of 6-1 marks the first time that a state court has quashed an online sales tax law.
    • Illinois' Department of Revenue is now thinking about taking the case to the U.S. Supreme Court.
    • The companies who could be directly or indirectly affected by the decision in Illinois include Amazon (AMZN), eBay (EBAY), Overstock (OSTK), Blue Nile (NILE), ChannelAdvisor (ECOM) and RetailMeNot (SALE).
    | Oct. 20, 2013, 2:30 AM | 9 Comments
  • Oct. 18, 2013, 10:29 AM
    • "We believe that Google's (GOOG +12.8%) ability to monetize experiences through engagement-based services will allow it to disrupt many hardware and software layers over time," writes Evercore's Ken Sena, exemplifying the glowing analyst commentary that has followed Google's Q3 beat.
    • Sena, who is raising his PT to $1,100, sees Google's services investments pressuring near-term margins, but also creating "a stronger platform ecosystem in which more collected data, better predictive analytics, and an increased amount of screen connectivity will lead to better overall search economics in addition to new opportunities."
    • Needham and Jefferies have raised their PTs to $1,150, and Deutsche has raised its target to $1,220. YouTube's mobile growth, strong paid click volumes, and the potential for Enhanced Campaigns to lift search ad sales (after doing less damage than expected in Q3) are all mentioned as reasons to stay bullish.
    • U.S. Internet peers continue to rally in sympathy: FB +4.1%. LNKD +3.7%. YELP +7.8%. AMZN +3.3%. Z +3.9%. TRLA +4.8%. ZNGA +2.8%.
    • Foreign Internet names are also moving higher: BIDU +5%. YOKU +6.9%. SINA +3.7%. RENN +4.4%. QIHU +4.9%. DANG +5.9%. YNDX +4%. SIFY +3.4%.
    • Google's Q3 results, details, CC remarks, transcript
    | Oct. 18, 2013, 10:29 AM | 17 Comments
  • Oct. 18, 2013, 9:34 AM
    • AMD (AMD -12.7%) has been cut to Neutral by BofA/Merrill after beating Q3 estimates and providing above-consensus Q4 revenue guidance, but also reporting a 15% Y/Y drop in CPU division sales due to PC weakness.
    • Verizon (VZ +0.8%) has been upgraded to Buy by Stifel a day after beating Q3 estimates and reporting better-than-expected mobile subscriber adds.
    • Amazon (AMZN +2.4%) has been upgraded to Buy by UBS ahead of its Oct. 24 Q3 report.
    • VMware (VMW +2.8%) has been upgraded to Overweight by JPMorgan ahead of Monday's Q3 report.
    • T-Mobile USA (TMUS +2.7%) has been added to Goldman's Conviction Buy list ahead of its Nov. 5 Q3 report.
    • Intuit (INTU +2.6%) has been upgraded to Buy by BofA/Merrill.
    • Align Technology (ALGN +24.4%) has been upgraded to Buy by Cantor following its Q3 beat.
    • LG Display (LPL -0.2%) has been cut to Hold by Craig-Hallum after issuing a Q4 warning.
    • Ultratech (UTEK -10.2%) has been cut to Hold by Canaccord following its Q3 miss.
    • Sierra Wireless (SWIR -1%) has been cut to Market Perform by Raymond James; Q3 results arrive on Nov. 7.
    • Aspen Technology (AZPN -0.9%) has been cut to Neutral by JPMorgan.
    • Analog chipmakers International Rectifier (IRF -1.7%) and Monolithic Power (MPWR -1.3%) have been cut to Market Perform by Wells Fargo.
    • U.S. Cellular (USM -1.2%) has been started at Underperform by FBR.
    | Oct. 18, 2013, 9:34 AM
  • Oct. 17, 2013, 6:00 PM
    | Oct. 17, 2013, 6:00 PM
  • Oct. 17, 2013, 9:50 AM
    • Amazon (AMZN -1.3%) customers in Wisconsin will begin paying state sales tax on purchases made on the company's website on November 1.
    • The state will be the 14th that requires Amazon to collect sales tax.
    • Proposals for a national sales tax framework haven't made much progress with Congress, so for now Amazon will be reeled in state by state on the issue.
    | Oct. 17, 2013, 9:50 AM | 1 Comment
  • Oct. 16, 2013, 6:44 PM
    • Though EBAY saw stabilizing macro conditions in Europe and Asia-Pac during Q3, the U.S. e-commerce market "softened considerably" and hasn't rebounded yet in Q4, the company stated on its Q3 CC. The U.S. weakness, together with ramping investments, are blamed for eBay's below-consensus Q4 guidance.
    • A positive tone was generally struck regarding PayPal, whose merchant services transaction growth hit a 6-quarter high in Q3. Bill Me Later also fared well: transaction volume +30% to $1.01B, portfolio balance +37% to $2.56B. But there might be some concern about PayPal's take rate, which fell 9 bps Q/Q and 19 bps Y/Y to 3.94%.
    • 71% of Marketplaces transactions now involve fixed-price items, and 36% of new Q3 users came via mobile. Vehicles GMV (excluded from broader GMV metrics) fell 11% Y/Y, even with Q2.
    • The Enterprise division (formerly GSI) saw 5% Y/Y rev. growth to $238M; client same-store sales rose 13%.
    • EBAY -5% AH. AMZN -1.1%. Amazon obtained 60% of its Q2 sales from North America. Other firms with strong U.S. e-commerce exposure: OSTK, NILE, ECOM.
    • Q3 results, guidance/details, slides
    | Oct. 16, 2013, 6:44 PM | 10 Comments
Company Description Inc is an online retailer. The Company sells its products through the website which provides services, such as advertising services and co-branded credit card agreements. It also offers electronic devices like Kindle e-readers and Fire tablets.
Sector: Technology
Country: United States