NexOptic Technology Corp (TSXV: NXO)
You’ll Never See The World The Same Way Again
Amazon (NASDAQ:AMZN) will let third-party sellers ship nonessential items to the e-commerce company starting this week, according to WSJ sources.
Last month, Amazon prioritized “essential” items such as cleaning products and shelf-stable food to keep up with the coronavirus-related demand surge.
Amazon’s statement: “Later this week, we will allow more products into our fulfillment centers. Products will be limited by quantity to enable us to continue prioritizing products and protecting employees, while also ensuring most selling partners can ship goods into our facilities.”
Over the past month, Amazon has hired 100K new employees for its distribution centers and delivery network.
Earlier today, AMZN announced plans to add another 75K workers for full- and part-time positions.
KeyBanc maintains an Overweight rating on Alibaba (NYSE:BABA) and raises the target from $248 to $255.
Analyst Hans Chung says Chinese e-commerce recovery tracked better in March, which should lead to stronger GMV in Q4.
Chung expects the momentum to continue due to the “strong desire for online sales.”
Related: Last week, Macquarie analyst Han Joon Kim said he left conversations with BABA’s investor relations team confident that H2 was tracking “better than feared.”
Alibaba shares are up 1.3% to $198.90. The company has a Very Bullish average Sell Side rating.
Netflix (NASDAQ:NFLX) is bucking a down market yet again – and in fact today is up 5.9% to touch its highest point in a year and a half.
The stock is just a few percentage points below its all-time high from summer 2018, and it joins one other SPX stock (gold miner Newmont) as the only ones in the index setting new 52-week highs.
Today, Canaccord Genuity boosted its price target to $450 from $415, implying 15% upside, based on expectations for heavier subscriber growth during the pandemic “due to an increase in demand for in-home entertainment options,” aided by the lack of live sports at competitors.
The firm now sees total paid subs growing 16.5% this year, vs. a previous view for 15.7% growth – due both to new customer adds as well as reduced churn from current subscribers.
Sell-side firms are Bullish on Netflix overall, though Canaccord’s price target is considerably above the average on the Street. Seeking Alpha authors are Neutral, and the stock has a Quant Rating of Neutral.
Raymond James cuts Apple’s (AAPL +0.2%) target from $360 to $305, citing weaker global demand due to the retail store closures outside China.
Analyst Chris Caso expects weakness for iPhone and wearables sales, noting that handset order cuts in China indicate “slower end demand, off elevated expectations coming into the year.”
Caso still expects the 5G iPhone to launch this fall but with lower volumes.
Raymond James cuts the targets on a few Apple suppliers: Qorvo (QRVO +0.4%) from $135 to $120, Qualcomm (QCOM +1.5%) from $115 to $110, Skyworks (SWKS -0.7%) from $140 to $120, and SiTime (SITM -3.8%) from $30 to $25.
Ericsson (ERIC -1.5%) has a deal to provide Kansas-based Nex-Tech Wireless with 5G technology.
That includes providing 5G Evolved Packet Core and Radio Access Network, supporting New Radio non-standalone in key sites in the Nex-Tech network.
Nex-Tech will also implement Ericsson Spectrum Sharing, allowing for more efficient airwaves allocation based on traffic demand.
The two had signed a September deal to roll out 600 MHz 5G in key markets.
Nex-Tech is looking to launch its 5G service by Q3.
