While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
Home Depot on Tuesday reported sales that missed analysts' expectations, as rising lumber prices weighed on its business.Retailread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
U.K. Prime Minister Boris Johnson told the EU that a Brexit deal can still be approved by U.K. lawmakers if Brussels agrees to scrapping the contentious Irish "backstop."read more
Baidu posted better-than-expected earnings for the June quarter, swinging back to profit and managing to stabilize its core ad business.Technologyread more
Several big Pimco funds controlled by Ivascyn have reportedly been trimming their bond market positions in the U.K. and Europe.World Marketsread more
While Hong Kong leader Carrie Lam painted a bleak picture of the city's economy, she expressed hope that dialogue with protesters could provide "a way out."China Politicsread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
U.S. President Donald Trump and his former White House communications director Anthony Scaramucci have had a public falling out recently.Politicsread more
Amazon's dominance over multiple industries and markets will only get larger, according to one Wall Street firm.
Nomura Instinet reiterated its buy rating for Amazon shares, saying the internet giant will maintain its leadership position because of its massive investment spending.
"With nearly all retailers playing defense, the few willing & able to go on the offensive have been digging ever increasing moats to take ever increasing share," analyst Simeon Siegel wrote in a note to clients Monday titled "Analyzing the Forbidden: Margin Deep Dive Leaves
Us w/Increased Optimism. "
"To this end, we took a deep dive into Amazon's margin structure, & backing into segment GMs [gross profit margins], we believe that mix shift alone could drive 1000+bps of LT GM lift, powering a $160bn investment into deepening Amazon's moat."
Amazon shares have rallied 51 percent this year through Friday, compared with the market's 15 percent gain.
The analyst noted how the company's profit margins are expanding as it grows its more profitable businesses, such as cloud computing and the third-party marketplace seller platform. He estimates Amazon's grow margin can potentially rise to 45 to 46 percent by 2022 from an estimated 35 percent this year, enabling up to $160 billion of incremental investment spending.
Siegel increased his price target for Amazon shares to $1,360 from $1,100, representing 20 percent upside to Friday's close. The analyst's new target is the second-highest out of the 40 analysts who cover Amazon, according to FactSet.
Amazon shares were little changed on Monday after the report.