1,962.00 -1.95 (-0.10%)
After hours: 7:00PM EDT
|Bid||1,959.25 x 1300|
|Ask||1,959.25 x 1400|
|Day's Range||1,912.34 - 1,973.63|
|52 Week Range||1,626.03 - 2,185.95|
|Beta (5Y Monthly)||1.54|
|PE Ratio (TTM)||85.35|
|Earnings Date||Apr. 22, 2020 - Apr. 26, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2,412.00|
As grocery outlets and retailers across the country ramp up employment to keep up with demand during the coronavirus outbreak, they’re also facing growing backlash from workers who say their lives are being put at risk.
Former National Security Advisor Susan Rice criticizes the federal government’s response to the coronavirus outbreak, compliments the leadership of New York Governor Andrew Cuomo, and explains why she sharply disagrees with Donald Trump’s use of the phrase “Chinese virus.”
Microsoft saw a 220% in Skype-to-Skype calls. Dan Howley joins Yahoo Finance to discuss.
Hasbro is well positioned to weather the storm that has become the coronavirus pandemic, UBS says.
(Bloomberg) -- Amazon.com Inc., Instacart Inc. and other companies providing food, medicine and other essentials are about to find out whether the pandemic can accomplish what organized labor has struggled to do: give employees and contractors the leverage to extract better working conditions.Some employees at Amazon’s Staten Island, New York, warehouse walked off the job on Monday, calling for the company to shut the facility for extended cleaning after they say a number of their colleagues were diagnosed with Covid-19. Instacart workers called for a nationwide strike on Monday over safety and pay concerns. And, if a petition circulating online gets traction, workers at Amazon-owned Whole Foods Market plan to call in sick en masse on Tuesday.As coronavirus cases pop up at warehouses and supermarkets, workers -- cheered on by politicians and labor activists -- have begun demanding better pay, sick leave and on-the-job protections from the deadly respiratory virus. Amazon, the second-largest private employer in the U.S., has long been the target of efforts to organize its workforce. They have generally failed.“These things do sometimes take on a life of their own, and I wonder if we’re in one of those moments where workers are starting to stand up in greater and greater numbers because of the magnitude of the threat they’re facing,” said Brishen Rogers, an associate law professor at Temple University.Organizers face long odds should they pursue formal unionization. Forming unions in the U.S. is difficult, and the coronavirus has both flooded the market with potential new hires and made large labor rallies impractical. Organizers of the Staten Island walkout say more than 60 employees participated; video from a protest appeared to show a sparser crowd.“You could come out of this seeing much greater levels of worker organization within Whole Foods and Amazon that could in the future grow into formal unions,” Rogers said. In the meantime, “I think they’ll respond by changing policies, in part to avoid unionization.”In an emailed statement, Amazon said 15 people out of a workforce of 5,000 participated in the Staten Island demonstration, and called their critiques “completely unfounded.”“Our employees are heroes fighting for their communities and helping people get critical items they need in this crisis,” the company said. “Like all businesses grappling with the ongoing coronavirus pandemic, we are working hard to keep employees safe while serving communities and the most vulnerable.” Amazon says it has stepped up cleaning inside its facilities, and that it is supporting employees diagnosed with Covid-19.Instacart said it has seen “absolutely no impact” from the strike and that workers’ earnings are up on average. The company added about 50,000 new workers as so-called Instacart shoppers in the last week, and there were 40% more people working on Monday compared with the same day last year, the company said. “Our goal is to offer a safe and flexible earnings opportunity to shoppers, while also proactively taking the appropriate measures to operate safely,” a spokeswoman for Instacart wrote in an email.A Whole Foods spokeswoman said the grocer is “committed to prioritizing our team members’ well-being, while recognizing their extraordinary dedication.” Despite the walkout and threatened sick-out at Whole Foods, Amazon shares climbed 3.4% Monday, closing at $1,963.95, alongside market-wide gains in the U.S.Worker protests over coronavirus workplace conditions have also recently hit companies like Perdue Farms, McDonald’s Corp. and General Electric Co., where employees at a Massachusetts site Monday protested -- standing six feet apart -- to demand the company deploy workers to manufacture ventilators in-house.Amazon boosted its $15 an hour starting pay in the U.S. by $2 an hour through the end of April, and raised overtime pay. Workers at an Amazon warehouse in northern Italy, the epicenter of Europe’s coronavirus outbreak, on Friday said they’d reached an agreement that guaranteed workers an additional five minute break to help practice personal hygiene, and made permanent temporary enhanced cleaning protocols rolled out during the pandemic.It remains to be seen whether Amazon will be pushed into broader concessions for the workers who pack and ship packages to customers. The U.S. labor market is teeming with millions of newly unemployed workers as large portions of the economy shut down to prevent the spread of the virus. Amazon has said it hopes to hire an additional 100,000 workers to deal with a surge in online shopping by people asked to stay home. Wholesale closings of large chunks of Amazon’s logistics network seem unlikely, say people who follow the company.Amazon’s responses to worker agita have been rolled out in piecemeal fashion over the last two weeks. When the first coronavirus cases appeared in European warehouses, the company began doing things like removing chairs from break rooms and turning off the metal detectors employees were previously asked to go through on their way out of buildings. Over the weekend, Amazon said it would begin screening some employees in the Seattle and New York areas for fevers, a program Amazon plans to roll out at sites nationwide.In the U.S., Amazon has also reoriented some work to spread out employees and closed locker rooms. Still several employees who work at facilities across the country have expressed alarm at the decision to keep some facilities with confirmed coronavirus cases open. The only Amazon warehouse known to have closed for an extended period -- a warehouse in Shepherdsville, Kentucky -- was set to reopen last week before the state governor intervened.Amazon says it follows public health recommendations for cleaning its sites, and that it reviews video footage to determine who sick employees came into extended contact with. Those workers are asked to go home and into a 14-day quarantine.Amazon has promised two weeks of sick pay to all employees diagnosed with Covid-19 or ordered into a quarantine; some workers, and a group of U.S. senators, say that’s insufficient.Emboldened workers can expect consumers to back them if they don’t think companies are protecting their health, said Nelson Lichtenstein, a history professor at the University of California at Santa Barbara. “Here’s a crisis,” he said, “which makes it absolutely clear how important they are.”(Updates with Instacart reporting in the ninth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Around one-third of those working at an Amazon delivery station in central Italy went on strike on Monday, a union representative said, citing a request for enhanced safety measures for workers amid the coronavirus health emergency. A company representative told Reuters activity at Amazon's site in Calenzano, near Florence, was not affected and said it had already cut deliveries and stepped up safety measures to protect both its direct employees and independent couriers. The death toll in Italy from COVID-19 has risen by 812 in the last 24 hours, the Civil Protection Agency said on Monday, reversing two days of declines.
Some of the roughly 200,000 workers at U.S. online grocery delivery company Instacart said they were striking on Monday as labor unrest grows globally over safety and wages for people working through the coronavirus crisis. Workers at an Amazon.com Inc warehouse in Staten Island, New York also plan to walk off the job on Monday. It was not immediately clear how many Instacart workers were participating in the strike, organized by a group called the Gig Workers Collective, or what impact it might have on operations.
With coronavirus spreading far and wide, more and more people are adopting online grocery delivery services in order to maintain social distancing
(Bloomberg Opinion) -- In the pre-coronavirus world, retailers big and small were in an arms race over free and fast delivery. In New York City, where I live, that meant you could get a range of items from toothpaste to batteries within 48 hours or less without paying an extra fee. Now, the wait for such items via my Amazon Prime account is nearly a week. And that’s actually a pretty good pace these days: Prime members are reportedly facing month-long delivery delays for some items as Amazon prioritizes getting household staples to those in need. And those staples are hard to find online, or come with big strings attached. Last week, Walmart.com offered me the option of paying $75 to get speedier delivery on a bottle of Zicam cold-remedy medicine that typically retails for about $10 to $15. The item is now out of stock. Demand for essential items is skyrocketing as people hunker down in their homes, and many are turning to delivery services, straining networks that even after years of growth in e-commerce weren’t built for such astronomical spikes. With orders for things like thermometers and toilet paper getting canceled as inventory dries up, I’m less concerned these days about when my delivery shows up and just happy if it gets here at all. And there are, of course, much bigger concerns about the health and safety of the employees that make these deliveries possible. About 100 Amazon.com Inc. workers at a Staten Island, New York fulfillment center plan to go on strike at noon on Monday. They’re demanding the facility be closed for two weeks and sanitized amid the spread of the coronavirus and that workers continue to be paid. It remains unclear how long such coronavirus-related disruptions will linger, but expectations for daily life are already being reset. What if some of those changes stick?Wary of another pandemic, people may be more vigilant about stockpiling essentials at home, to the point where it’s really not necessary to get a fresh pack of toilet paper delivered in two hours versus two days. For those who do want fast service, Amazon, Walmart Inc. and other retailers will eventually be able to start putting packages on people’s doorsteps at their previous pace as the flow of goods starts to normalize. But the perception of the value of that service seems to have changed. I don’t think I’ll take it for granted in the way that I did before. I might even be willing to pay for it. A 2019 report from the National Retail Federation found that 75% of consumers surveyed expected to get free delivery even if their order total was less than $50. Meeting those expectations eats into profit margins for retailers, and even when a fee is assessed, it’s usually well below what it actually costs to ship the package. And that's before you think about the cost of shipping it back. “Retailers Gave You Free Returns and You Ruined It,” was the title of a December 2019 story by Bloomberg News about how consumers were taking advantage of free-return policies by ordering a range of sizes or many more products than they ever intended on keeping. U.S. consumers were expected to send back $100 billion worth of goods purchased last holiday season, according to forecasts from retail technology company Optoro cited by the Financial Times. Retailers foot the bill for both the two-way logistics and the resulting pileups in inventory, some of which may be unsellable upon its return, but they seemed sort of stuck with this dynamic. While some outlets such as Urban Outfitters Inc.’s Anthropologie had started charging fees for returns by mail in an effort to incentivize customers to bring items back into a store to ease the logistical challenges, this was far from a widespread process.The whole history of e-commerce has been about making the process as easy for consumers as possible, and retailers weren’t keen to rock the boat. In a way, the coronavirus crisis has done that for them. While sales of food and other essential items are rising, less-vital retailers have been forced to shutter their stores and their e-commerce operations are fielding little interest for more discretionary products like clothing or home goods. As they dig themselves out of that hole, the margin squeeze from free delivery and free returns may matter in ways it hasn’t before. Maybe that means a small fee is assessed; maybe that means incentivizing customers to use a buy-online, pick-up-in-store model. If there was ever going to be a moment to adjust the expectations of the American consumer, this may be it. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- About 100 Amazon.com Inc. employees at a New York fulfillment center plan to go on strike at noon on Monday, alleging management has been unresponsive to safety concerns and the spread of the coronavirus at the facility.Employees are demanding that the Staten Island site be closed for at least two weeks and sanitized. The e-commerce giant closed a warehouse in Queens for cleaning after an employee tested positive, as reported by The Atlantic. In addition, they’re asking for workers to be paid during this time, as well as retroactively compensating those who had already stayed home out of fears for their health and safety.Chris Smalls, a management assistant at the site known as JFK8 and lead organizer of the strike, has worked at Amazon for five years at three buildings in the New York tri-state area. Colleagues began falling ill after Amazon managers came back from a trip to Seattle, Washington, the initial epicenter of the virus in the U.S., according to Smalls.He left work in the second week of March out of concern for his health. Smalls returned last week to rally support for a work stoppage among the building’s 4,500 employees and reiterate his concerns and recommendations to management.“What are we waiting for?” he said he told the site’s general manager and head of human resources. “Someone to die?”He says the company has not been transparent about how many employees at the Staten Island location have tested positive for Covid-19 and have taken insufficient safety precautions, including allowing one of his colleagues to return to work while awaiting her test results.New York Governor Andrew Cuomo said total deaths for the state as of Sunday reached 965 up from 728 a day earlier. At a briefing in Albany, Cuomo said thousands of state residents will die from the virus, although he did not have precise projections.“At JFK8, we are working long, crowded shifts in the epicenter of a global pandemic, and Amazon has failed to provide us with the most basic safeguards,” Rina Cummings, a worker at the warehouse, said in a statement. “We are walking out to protest the impossible choice of coming to work at a toxic workplace and possibly spreading the virus or going unpaid during an economic crisis.”News of the planned strike was first reported by CNBC. Amazon did not immediately reply to an emailed request for comment.“People need to be held accountable, even Jeff Bezos himself,” Smalls said in a telephone interview. “These buildings all across the globe need to be shut down. We are the breeding ground for the coronavirus.”Amazon’s Bezos Tells Workers Coronavirus Will ‘Get Worse’Employees have taken to Facebook and Instagram groups to organize the details of the work stoppage and share stories of working conditions, he said.(Adds New York’s death toll in 7th paragraph, worker comment in 8th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Indoor farming startup Plenty Inc. is in talks to raise $100 million or more in a fresh round of funding, according to people familiar with the matter.SoftBank’s Vision Fund is in discussions to lead a new fundraising round for Plenty at or below the $1 billion valuation that was ascribed to it in its most recent round, said the people, who requested anonymity because the matter is private. They cautioned that no agreement has been reached, and that one may not be finalized.“Plenty does not comment on financing proposals and has not committed to any new financing rounds,” a spokeswoman for the South San Francisco-based company said in an emailed statement. “We are not in need of new equity financing, and evaluate any proposals opportunistically,” she added.A representative for the Vision Fund didn’t immediately respond to a request for comment.Plenty has raised about $400 million in capital over the past four years, according to PitchBook. In addition to the $100 billion Vision Fund, other backers include Data Collective, DCM, and funds that invest on behalf of Amazon Chief Executive Officer Jeff Bezos and former Google CEO Eric Schmidt.The startup aims to be more efficient than traditional farms, yielding more produce in a given space, while requiring less water.Last fall, Plenty said it intended to expand beyond the Bay Area and had identified Compton, Los Angeles, as the location for its next farm, with building slated to begin in late 2020.SoftBank is seeking $10 billion so its Vision Fund portfolio companies can support portfolio companies battered by the coronavirus pandemic, Bloomberg News reported earlier this month.Some of the Vision Fund’s companies have laid off employees this month including co-working giant WeWork and residential real estate brokerage Compass.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
This move, known as labor sharing, highlights how the ecommerce giant is reallocating some of its vast workforce to handle a spike in online sales of groceries, as millions of American are stuck at home amid the COVID-19 outbreak. Amazon offers online grocery services through Amazon Fresh from its own grocery warehouses, and Amazon Prime Now, which delivers from its Whole Foods stores.
(Bloomberg) -- Amazon.com Inc. is teaming up with Lyft Inc. on recruiting the ride-hailing company’s drivers to deliver packages and groceries as the pandemic keeps people indoors.In an email to Lyft drivers Friday, the company referred them to work opportunities at Amazon as grocery shoppers, warehouse workers or delivery people “as a way to earn additional income right now.” The message from Lyft, which came in response to plummeting demand for rides and economic hardships facing drivers, also indicated that drivers could qualify for compensation in the U.S. stimulus bill.While Amazon and Lyft have competed for workers in the past, the surge in grocery and package deliveries has reset that dynamic. Amazon said last week it plans to hire 100,000 people and give U.S. workers a temporary $2-an-hour raise in an effort to meet the crushing demand. However, Amazon is under fire for not doing enough to protect its workers, some of whom have tested positive for the coronavirus. The company said it has stepped up cleaning in its warehouses and is giving guidelines to workers about maintaining safe distances.Declines in the ride-hailing business are sharp. Recent estimates put a drop in fare prices at as much as 11% and demand at about 20%. Uber Technologies Inc., the largest ride-hailing operator, can partly offset the shortfall with its restaurant delivery business, which is seeing an uptick. Lyft doesn’t deliver food.In the email to drivers reviewed by Bloomberg, Lyft suggested that in addition to seeking immediate work with Amazon, drivers could sign up to help deliver groceries, Covid-19 tests and other medical supplies as part of future partnership programs. Lyft said more than 100,000 drivers had already signed up.Lyft urged drivers to follow federal health guidelines and suggested installing a plastic barrier in their vehicles, along with a link to buy such a kit on Amazon. A Lyft spokeswoman declined to specify terms of the arrangement with Amazon.(Updates with additional reporting starting in the fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As Instacart continues to make plans for a strike, Amazon workers at the Staten Island Facility plan a walkout on Monday for the company’s mishandling of the coronavirus outbreak. Yahoo Finance’s Alexis Christoforous, Brian Sozzi and Dan Howley discuss the details.
Amazon moved back above 50-day line, an area of resistance over the past several sessions. Has a new base with buy point at 2186.05. Strong RS line. Added to SwingTrader
The stock market rally continues and three top stocks are making bullish moves: Amazon, Microsoft and Domino's Pizza.