During the third week of October, Amazon Inc. (AMZN) stock was on a rebound. Compared to the trends of week 1 and week 2 of the month, the third-week patterns were somewhat different. From October 14 to October 18, Amazon stock almost hit the $1,800 mark. AMZN opened on Monday at $1,728.91. The stock was at a weekly high of $1,798.85 on Thursday.
Finally, it closed at $1,757.51. During the week, the stock gained around 1.6%, from the market open on Monday to market close on Friday. Amazon will release its third-quarter 2019 results on October 24. Although many analysts believe that the online retailer could post a YoY (year over year) revenue growth above 21%, the earnings could still take a beating. So, what moved the Amazon stock this week?
Amazon stock on Monday, Oct 14, and Tuesday, Oct 15
The stock showed little to no volatility on Monday. The stock was at its weekly low of $1,722 on this day. However, it gained momentum during the day and closed at $1,736.43.
On Tuesday, the stock opened on a positive note at $1,742.14. It rose to a daily high of $1,776.45 to finally close at $1,767.38 at the end of the trading session. During the day, Amazon’s Great Indian Sale was under the radar of the Indian regulators.
After a complaint by CAIT (Confederation of All India Traders), the Indian government is looking to the hefty discounts offered by the online retailer. They will decide whether the company violated any FDI (foreign direct investment) rules.
Wednesday: Old Mutual partners with AWS
The upward momentum continued on Wednesday, October 16. The stock reached a daily high of $1,776.45. However, the stock was less volatile on Wednesday and closed at $1,767.38. On Wednesday, Amazon announced that Old Mutual Limited, one of the pan-African financial services company, will partner with AWS (Amazon Web Services). Old Mutual will move its digital customer platforms, core insurance applications, and product administration systems to AWS.
On Wednesday, it was reported that the UK Regulator CMA (Competition and Markets Authority) is looking into the company’s investments in Deliveroo. Amazon invested in $575 million in the food delivery startup Deliveroo in May 2019. Amazon closed its food delivery in the UK in 2018. Also, Deliveroo and UberEats were Amazon’s competitors at the time.
Thursday: AMZN is close to $1,800 per share
On Thursday, the stock was at its weekly high. It seemed that the stock would cross $1,800. Although it did not, it reached $1,798.85. Amazon stock closed at $1,787.48. There was news about Amazon supporting Ford’s initiative for electric cars. Ford is creating the largest network of electric car charging stations across North America. Also, Ford’s new cars can be charged at home. Amazon will provide the expertise for creating the home charging mechanism. In 2018, Amazon worked on a similar project with Audi AG (AUDVF).
On the same day, there was news that Amazon Prime Video could face censorship on its video streaming platform for the Indian audiences. Currently, there no specific laws for censoring streaming content in India. Hotstar and Netflix signed a self-regulatory code for the content. However, Amazon did not make a decision. The company said that the “current laws are adequate.”
On Friday, Oct 18, Amazon stock sees a dip
Although Amazon stock opened at $1,787.80, the price started to lower until midday. Eventually, it fell below the $1,750 threshold. In the second half of the trading session, the stock was much more stable. By the end of the trading session, the stock closed at $1,757.51. During the day the stock fell by -1.68%.