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Consumer Discretionary : Broadline Retail | Large Cap Growth
Company profile, Inc. provides a range of products and services to customers. The products offered through its stores include merchandise and content that it purchased for resale and products offered by third-party sellers. It manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and it develops and produces media content. It also offers subscription services such as Amazon Prime, a membership program. Its segments include North America, International and Amazon Web Services (AWS). The AWS segment consists of global sales of compute, storage, database, and other services for start-ups, enterprises, government agencies, and academic institutions. It provides advertising services to sellers, vendors, publishers, authors, and others, through programs, such as sponsored advertisements, display, and video advertising. Customers access its offerings through websites, mobile applications, Alexa, devices, streaming, and physically visiting its stores.

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Today's volume of 31,766,074 shares is on pace to be much greater than AMZN's 10-day average volume of 62,980,702 shares.


Verizon's stock sinks to 12-year low while Dish's soars after report Amazon is in talks to offer mobile plans for Prime members

3:34 pm ET June 2, 2023 (MarketWatch)

Tomi Kilgore

Amazon said there are no plans to add wireless as a Prime benefit 'at this time,' while AT&T and T-Mobile said they weren't in discussions with Amazon

Shares of Verizon Communications Inc. dove toward a 12-year low Friday, after Bloomberg reported that Inc. was in talks with the company and some other wireless carriers about offering services -- possibly for free -- to Prime members.

The report also pushed AT&T Inc.'s stock (T) toward the lowest close in nearly eight months and T-Mobile US Inc.'s shares (TMUS) toward a near one-year low, but sparked the biggest rally in Dish Network Corp.'s stock (DISH) in 22 years.

Citing people familiar with the situation, the Bloomberg report said Amazon has been negotiating with Verizon, T-Mobile and Dish, as well as with AT&T, for the past six to eight weeks, to get the lowest wholesale prices.

That would allow Amazon to offer its Prime subscribers wireless plans for $10 a month, or possibly free, the Bloomberg report said. The plan could take several more months to launch, the report said, and could also be scrapped.

Shares of e-commerce and cloud giant Amazon (AMZN) rose 1.4% in afternoon trading, and were headed for the highest close since Sept. 19, 2022.

Amazon spokesperson Bradley Mattinger told MarketWatch the company is "always exploring adding even more benefits for Prime members, but don't have plans to add wireless at this time."

Still, Verizon's stock (VZ) dropped 3.6%, to pace the Dow Jones Industrial Average's decliners, and to put it on track for the lowest close since Aug. 12, 2011.

T-Mobile's shares tanked 7.6%, toward their lowest close since June 17, 2022, and AT&T's stock slid 3.8%.

T-Mobile, AT&T and Verizon shares were three of the top 4 decliners in S&P 500 index's in afternoon trading.

"AT&T is not in discussions with Amazon to resell wireless services," an AT&T spokesperson wrote in an email to MarketWatch.

"Amazon is a great partner to T-Mobile in many areas, and we are always interested in working more closely with our cross-town neighbors in new ways," T-Mobile said in a emailed to MarketWatch. "However, we are not in discussions about inclusion of our wireless in Prime service, and Amazon has told us they have no plans to add wireless service."

Meanwhile, Dish's stock soared 16.2% to pace the S&P 500's gainers, and to put them on course for the best one-day performance since they ran up 16.7% on March 19, 2020.

The rally comes a day after the stock hit an intraday low of $5.91, which was the lowest price traded during regular-session hours since March 15, 1999.

Dish has not responded to a request for comment.

The Bloomberg report comes about a week after The Wall Street Journal reported that Dish was in talks to sell wireless plans for its new mobile phone service through Amazon's website, with details of the new plans announced as soon as June.

--Emily Bary contributed to this report.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

June 02, 2023 15:34 ET (19:34 GMT)

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