Amazon (AMZN) stock fell today after the Federal Trade Commission filed an anti-trust lawsuit accusing the company of monopolizing online marketplace services. Meanwhile, electric vehicle makers Fisker (FSR) and Rivian (RIVN) saw their shares rise. Fisker's stock is up on the company's announcement that it expects to deliver 300 vehicles daily. Rivian shares gained after a Baird analyst called the stock a "fresh pick." Etsy's (ETSY) shares declined after Evercore lowered its price target on the stock from $105 to $85 per share, although Evercore maintained an "Outperform" rating overall.
Yahoo Finance's Josh Lipton and Julie Hyman discusses today's trending tickers.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
JOSH LIPTON: After the e-commerce giant is hit with an antitrust lawsuit, the litigation alleging Amazon of-- alleging Amazon of monopolizing online marketplace services, shares down about 4% here. Obviously, Julie, this was well-telegraphed, well-reported. We knew the FTC Chair Alina Khan made a name really on Amazon.
It's interesting how the Street's going to ultimately see this, too. It's a long road potentially. Folks I talked to say years, right, between the complaint and the appeals. And then even if the FTC wins, let's see it's broken up, how do investors think about that?
JULIE HYMAN: Well, and given all of that, it's interesting that we saw the stock decline on the day by 4%. Although you could argue that that's as much a function of the macro environment and this moment in time, as it is this headline coming today. As you said, investors knew about it. We don't know what the outcome is going to be. It's going to take some time. So why then see the stock down 4%?
Well, maybe because partly rates are at 4.5%, 6% today. We're seeing a broad sell off in tech. Tech has really emerged as the group to be interest rate-sensitive this year. And so here's another day where we're seeing that as a factor along with the--
JOSH LIPTON: Yeah. FTC making the headlines but higher yields not helping.
JULIE HYMAN: Right. Exactly. All right, let's take a look at some of the other movers we're watching. Electric vehicle makers on the move today. Fisker is one of them, anticipating a milestone pace of 300 vehicle deliveries per day in the US and Europe. Also watching shares of Rivian. Those shares are higher after Baird designated the stock a fresh pick ahead of the EV makers delivery support now.
To be clear, especially in the case of Fisker, like, it's still a teensy, tiny, eeny-weeny right? So it's just sort of a confirmation that it's actually going to be able to make some cars at all with any kind of critical mass here. I should mention also, Bank of America also reinstated coverage of Fisker with a buy rating and an $8 price target.
JOSH LIPTON: So still build up there.
JULIE HYMAN: Yeah. I mean, but the companies-- it's delivered, let's see, 900 vehicles.
JOSH LIPTON: Yeah.
JULIE HYMAN: It's you know, it's still small.
JOSH LIPTON: It's a name, limited. But look at that, nice--
JULIE HYMAN: Limited run. That's a way of making it sound. I mean, they're not cheap cars, that's for sure.
JOSH LIPTON: And shares of Etsy closing-- let's see how Etsy did today. Some notes being passed around on the Street. They were higher last time I checked-- nope, down 4% in the red. Evercore lowering its price target on the e-commerce company from 105 to 85. The analyst behind that call on Tuesday lowered its price here, but still has an outperform on this name, which is interesting. Julie, he's still near-term. He says, listen, he's telling his clients, he does seem some challenges there. He says they expect to be range-bound. But long term, he did make some survey of clients and liked what he saw there.
He said, listen, according to his survey's results, they show that customers continue to like the platform, purchase frequency usage growth, bottom line positive consumer sentiment. So near term, pointing out some challenges why he lowers his target. But long term, they still like the name here.
JULIE HYMAN: Well, and even some of the challenges that he talks about, he says, may be overstated by the market. For example, he looks at the potential for competition from [INAUDIBLE] Online, the other sort of hot retailers online. And he said the negative narrative related to the impact on Etsy from these platforms may be overdone. He said consumer overlap is comparable to other industry players. In other words, there's already competition out there. It's not necessarily for Etsy at least that [INAUDIBLE] bring in a lot more than what is already out in the market.
JOSH LIPTON: Are you an Etsy fan?
JULIE HYMAN: I do like Etsy, right?
JOSH LIPTON: Do you shop around there?
JULIE HYMAN: You know, I'm not like an everyday--
JOSH LIPTON: Here and there.
JULIE HYMAN: A little here and there, that's a good way to describe it. All right. You?
JOSH LIPTON: Team Lipton found a great bookshelf on Etsy. I've got to say, very nice.