EDF (EDF FP) sees French lawmakers lean towards a EUR 2bln capital support for the Co., but no final decision taken yet, according to Les Échos
Early premarket gappers
- Gapping up:
- DASH +25.1%, GLBE +16.4%, EVER +11.7%, FVRR +9.5%, KAR +6.5%, GPK +5.7%, OM +5.2%, KNBE +4.5%, OEC +4.3%, CAKE +4%, CSCO +3.6%, ACVA +3.4%, MPLN +2.8%, ET +2.6%, NTR +2.6%, CPRT +2.5%, WFRD +2.4%, KGC +2%, GEO +2%, TROX +1.9%, IVAC +1.8%, AMAT +1.6%, FSR +1.6%, FRO +1.6%, AIG +1.4%, INFN +1.4%, UFPI +1.3%, EPAM +1.3%, RGLD +1.2%, THRM +1.1%, VECO +1%, ALSN +1%
- Gapping down:
- AMPL -43.1%, FSLY -30.1%, TXG -23.1%, APP -18.5%, CRMT -15.6%, BCOV -15.4%, RBBN -15%, MTTR -14.4%, PAY -14.2%, PLTR -14%, ALB -8.5%, ATUS -8.4%, TRIP -7.6%, SAM -7.1%, WKME -6.4%, INFA -5.9%, CYH -5.7%, H -5.2%, QS -5.2%, LOPE -5.2%, AM -5%, CNDT -4.9%, TRUP -3.8%, NVDA -3.2%, YETI -3%, PEGA -2.7%, BFAM -2.2%, SPWR -2.1%, OPI -2.1%, NICE -2.1%, TS -1.9%, CDE -1.1%, PXD -1.1%, NKE -0.8%, SPOT -0.7%
>>> Up
* AF Gruppen Raised to Buy at Carnegie; PT 225 kroner
* Aker Carbon Capture Raised to Buy at HSBC; PT 20 kroner
* Con Edison Raised to Peerperform at Wolfe; PT $82
* EDP Renovaveis Raised to Hold at SocGen; PT 18.50 euros
* EDP Renovaveis Raised to Neutral at Oddo BHF; PT 17.40 euros (+)
* Equinor Raised to Buy at HSBC; PT 294 kroner
* FirstGroup Raised to Outperform at RBC; PT 115 pence
* Ipsen Raised to Add at AlphaValue/Baader
* K2A Raised to Buy at Carnegie; PT 75 kronor
* Klarabo Sverige Raised to Buy at Handelsbanken; PT 48 kronor
* Lufthansa Raised to Buy at Bankhaus Metzler; PT 10 euros (+)
* Mercedes Raised to Buy at HSBC; PT 90 euros
* Pennon Raised to Overweight at Morgan Stanley; PT 1,220 pence
* Swedbank Raised to Buy at AlphaValue/Baader
* Wacker Chemie Raised to Hold at SocGen; PT 135 euros
>>> Down
* Banca Ifis Cut to Add at Intesa Sanpaolo; PT 23.80 euros (+)
* British Land Cut to Underperform at Jefferies; PT 455 pence
* Ice Group Cut to Equal-Weight at Barclays; PT 4 kroner
* Land Sec. Cut to Underperform at Jefferies; PT 620 pence
* National Grid Cut to Equal-Weight at Morgan Stanley
* Nvidia Cut to Hold at Summit Insights
* Rheinmetall Cut to Neutral at Exane; PT 110 euros (+)
* Severn Trent Cut to Equal-Weight at Morgan Stanley
>>> Initiation
* ams-OSRAM Reinstated Hold at Jefferies; PT 16 Swiss francs
* ASMI Reinstated Buy at Jefferies; PT 350 euros
* ASML Reinstated Buy at Jefferies; PT 700 euros
* Autoliv Rated New Neutral at Credit Suisse; PT $105 (+)
* BMW Rated New Outperform at Credit Suisse; PT 127 euros
* Bytes Technology Rated New Overweight at Barclays; PT 640 pence
* Continental Rated New Underperform at Credit Suisse; PT 85 euros (+)
* E.On Reinstated Hold at Erste Group
* Fortnox Rated New Buy at ABG; PT 65 kronor
* Hexagon Rated New Buy at HSBC; PT 158 kronor
* Infineon Rated New Underperform at Jefferies; PT 26 euros
* Iveco Rated New Neutral at JPMorgan; PT 9.50 euros
* Melexis Rated New Underperform at Jefferies; PT 65 euros
* Mercedes Rated New Buy at Erste Group
* Mercedes Rated New Outperform at Credit Suisse; PT 90 euros
* Nagarro Rated New Buy at Stifel; PT 172 euros
* Pfizer Reinstated Hold at Erste Group
* Prudential Rated New Buy at Goldman; PT 1,761 pence
* RWE Reinstated Hold at Erste Group
* STMICRO NEW UNDERPERFORM AT JEFFERIES, PT EU30
* VW Rated New Outperform at Credit Suisse; PT 225 euros (+)
>>> Call
* Airbus 4Q Results Strong, FY22 Guidance Looks ‘Reasonable:’ Citi (+)
* Commerzbank Seen Rising by Citi on ‘Strong Underlying Beat’ (+)
* DSM Seen Outperforming On Inflation Management, Innovation: UBS (+)
* European Office REITs' 2021 Looks Dull, Prospects Rely on Change
* Carrefour 4Q Shows Progress, ‘Impressive’ Free Cash: Jefferies
* Inflation to Buoy U.K. Water Cos., Pennon Raised: Morgan Stanley
* Kering 4Q Seen Well Received, Gucci Beat ‘Important:’ Bernstein (+)
* Mondi Personal Care Unit Disposal Is a “Good Deal:” Goodbody (+)
* Reckitt Posts ‘Reassuring’ Earnings, Driven by Health: Jefferies (+)
- Ericsson (ERCB TH) +2.9%
- Watch Nokia, Ericsson After Peer Cisco Gives Bullish Forecast
- Continental (CON TH) +2.8%
- Continental AG Has Split-Up Plan in Place: Manager Magazin
- Commerzbank (CBK TH) +2.6%
- Commerzbank Flags Dividend for 2022 as Turnaround Picks Up
- BP (BPE5 TH) +2.6%
- Gerresheimer (GXI TH) +2.3%
- Gerresheimer FY Revenue Meets Estimates
- Kering (PPX TH) +2.1%
- *KERING 4Q GUCCI COMP REV. +31.6%, EST. +18%
- Schneider Electric (SND TH) +1.9%
- Schneider Electric 2021 Profit, Revenue Topped Expectations on Strong Demand
- Airbus (AIR TH) +1.6%
- Airbus Reinstates Dividend as Record Profit Boosts Cash
- Adyen (1N8 TH) +1.1%
- KBC Group (KDB TH) -0.9%
- SocGen (SGE TH) -0.9%
- K+S (SDF TH) -1%
- Thyssenkrupp (TKA TH) -1.2%
- TRANSLATION: Handelsblatt: Thyssen-Krupp wants to merge shipyard subsidiary with competitor
- Delivery Hero (DHER TH) -1.3%
- Rolls-Royce (RRU TH) -1.4%
- Rheinmetall (RHM TH) -1.6%
- Rheinmetall Cut to Neutral at Exane; PT 110 euros
- Vodafone (VODI TH) -1.7%
- Nibe (NJB TH) -1.9%
- Nibe FY Operating Profit Matches Estimates
- Shell (R6C0 TH) -2%
DAX:
- Continental (CON TH) +3.3%
- Continental AG Has Split-Up Plan in Place: Manager Magazin
- Airbus (AIR TH) +1.7%
- MTU Aero (MTX TH) -0.7%
- Delivery Hero (DHER TH) -0.7%
- Infineon (IFX TH) -0.8%
- Jefferies Sees ‘Short-Term Pain’ For European Semiconductors
MDAX:
- Commerzbank (CBK TH) +3.6%
- Commerzbank Flags Dividend for 2022 as Turnaround Picks Up (1)
- Gerresheimer (GXI TH) +2.3%
- Gerresheimer FY Revenue Meets Estimates (1)
- Lufthansa (LHA TH) +0.9%
- Lufthansa Raised to Buy at Bankhaus Metzler; PT 10 euros
- Aixtron (AIXA TH) +0.7%
- Jefferies Sees ‘Short-Term Pain’ For European Semiconductors
- Thyssenkrupp (TKA TH) -1.2%
- Thyssenkrupp Gauges Interest in Marine Systems: HB (Earlier)
- Fraport (FRA TH) -1.3%
SDAX:
- PVA TePla (TPE TH) +3.9%
- Grenke (GLJ TH) +2.4%
- Jost Werke (JST TH) +1.6%
- Jost Werke FY Adjusted Ebit EU104.8M Vs. EU73.2M Y/y
- Shop Apotheke (SAE TH) +1.6%
- Shares slumped 11% Wednesday after German e-Rx update
- Kloeckner (KCO TH) -1.6%
- flatexDEGIRO (FTK TH) -1.7%
U.S. equity futures fell Thursday, Treasuries jumped and the dollar rallied in a bout of risk aversion amid geopolitical tension over Ukraine. Crude oil pared losses. S&P 500, Nasdaq 100 and European contracts slid along with most Asian shares as traders evaluated a flurry of speculation about the situation in eastern Europe. Havens such as the yen and gold pushed higher. The 10-year Treasury U.S. yield sank below 2%. Oil, at one point down more than 3%, trimmed the retreat to some 1%. Crude had been hurt by the prospect of a resumption in official Iranian exports if talks lead to a nuclear accord. But it has also been whipsawed by supply worries stemming from the Russian troop buildup. Investors expect at least 150 basis points of Fed tightening in 2022 -- up from 75 basis points just a few weeks ago -- to fight price pressures. The worry is whether the pivot away from pandemic-era stimulus will squeeze economic growth and inject more turbulence across assets. US After Hours Busy earnings night; highlights were DASH +26%, GLBE +17.7%, KNBE +12.4%, AMAT +2.7% on upside; AMPL -37.5%, FSLY -25.3%, TXG -21.2%, APP -16.3%, PAY -14.4%, H -6.8%, SAM -5.9% on downside
Nikkei -0.83% Hang Seng -0.22% CSI +0.22% Shanghai +0.03% Shenzen +0.18%
Eur$ 1.1354 CNH 6.3338 CNY 6.3364 JPY 115.24 GBP 1.3578 CHF 0.9217 RUB 75.8200 TRY 13.6069 WTI$ 92.07 1.7% Gold 1,876.90 +0.37% BTC 43,696 -0.90% ETH 3,080 -1.99%
S&P -0.41% Nasdaq -0.54% EuroStoxx -0.73% FTSE -0.30% Dax -0.71% SMI -0.21%
Macro :
- EU January Car Registrations Drop 6% Y/y to 0.683m Units
- Italy Weighs EU1b Annual Support to Auto Industry: Sole
- Millennium, Point72 Discuss Bids for Quant Fund Engineers Gate
- U.S. Rejects Russia Troop Claim; EU Leaders Talk: Ukraine Update
Keep an eye on :
- ACS SM : *ACS REACTIVATES PLANS TO SELL RENEWABLES UNIT ZERO-E: EXPANSION
- ADP FP : ADP Creates 2022-2025 Sustainability Strategic Roadmap
- AIR FP : Airbus 4Q Adjusted Ebit Beats Estimates
- BABA US : Munger-Favored Alibaba Valued Like a Utility Stock: China Today
- ARCAD NA : Arcadis 4Q Net Revenue EU652M Vs. EU603M Y/y
- ATUS US : Altice USA 4Q EPS Beats Estimates
- AMZN US : Activist Investor Daniel Loeb Sees Roughly $1 Trillion of Untapped Value in Amazon -- WSJ
- AUTO NO : Autostore 4Q Adjusted Ebitda Beats Estimates
- BAMNB NA : BAM FY Revenue EU7.32B Vs. EU6.81B Y/y
- BCVN SW : BC Vaudoise FY Operating Profit CHF428.8M Vs. CHF372.7M Y/y
- BNP FP : Banca March Buys Part of BNP Private Banking Business in Spain
- BRI PL : Brisa Concessao 2021 Net Rises 47% to EU183.2m on Higher Traffic
- CA FP : Carrefour Strategic Review is “Progressing”: CEO Bompard
- CRI FP : Chargeurs FY Revenue Beats Estimates
- CBK GY : Commerzbank Sees 2022 Net of More Than EU1B, Plans Dividend
- CON GY : Continental AG Has Split-Up Plan in Place: Manager Magazin
- DAI GY : Mercedes-Benz, Nvidia to Share Autonomous Driving Revenue: HB
- ENG SM : *ENAGAS TO NAME ARTURO GONZALO AIZPIRI AS NEW CEO: CINCO DIAS
- ENGI FP : Engie, AXA Back Carbon Startup With $500 Million Investment
- ERICB SS : Vonage Falls Most Since October on Concerns Over Ericsson Deal
- ETL FP : Eutelsat 1H Revenue Meets Estimates
- FCT IM : Thyssenkrupp Gauges Interest in Marine Systems: HB (Earlier)
- FRE GY : Fresenius SE Eyes Expanded Drug Segment Via mAbxience Buy: React
- FSC1V FH : F-Secure to Spin Off Consumer Security Unit Into New Company
- GAM SW : GAM Holding FY IFRS Loss CHF23.3M Vs. Loss CHF388.4M Y/y
- GXI GY : Gerresheimer FY Revenue Meets Estimates (1)
- G IM : Generali Board Plans to Select Independent Chairman
- HAS US : Hasbro Activist Begins Proxy Fight, Urges Dungeons & Dragons Spinoff -- WSJ
- HEX NO : Hexagon Composites 4Q Ebitda NOK58M
- NK FP : Imerys 4Q Adjusted Ebitda EU167M
- IFX GY : Infineon Invests >EU2b in Semiconductor Production in Malaysia
- ISN SW : Intershop Nominates Ernst Schaufelberger as Next Chairman
- KER FP : Kering 4Q Gucci Revenue on a Comparable Basis Beats Estimates
- LI FP : Klepierre FY Group NCCF/Shr Beats Estimates
- KOJAMO FH : Kojamo 4Q Adjusted Ebitda Beats Estimates
- MMB FP : Lagardere FY Revenue Beats Estimates
- LSG NO : Leroy 4Q Adjusted Ebit Beats Estimates
- LEHTO FH : Lehto Group 4Q Net Sales Beats Estimates
- NESN SW : Nestle FY Organic Revenue Beats Estimates
- NEXTA BB : Nextensa FY Dividend per Share EU2.50 Vs. EU5.25 Y/y
- NYF SS : Nyfosa 4Q Total Income Beats Estimates
- ORA FP : Orange Sees 2022 Ebitda After Leases +2.5% to +3%
- QTCOM FH : Qt Group Raises Targets for Strategy Period Until 2025
- RKT LN : Reckitt 4Q Like-for-Like Sales Beats Estimates
- REP SM : Repsol 4Q Adjusted Net Beats Estimates
- SATS NO : Sats Primary ABB Price Guidance NOK19.50: Terms
- SU FP : Schneider Electric Sees 2022 Organic Revenue +7% to +9%
- SINCH SS : Sinch 4Q Adjusted Ebitda Misses Estimates
- SIP BB : Sipef Sees 2022 Palm Oil Output Above 400,000 Metric Tons
- SW FP : Sodexo to Appoint Chairwoman, Interim CEO Sophie Bellon as CEO
- STAN LN : StanChart Plans $750m Buyback, Proposes 9 Cents/Share Dividend
- STLA US : Stellantis to Consolidate Some French R&D Operations in Poissy
- TEN IM : Tenaris 4Q Net Sales Beats Estimates
- TKA GY : Thyssenkrupp Gauges Interest in Marine Systems: HB (Earlier)
- VRLA FP : Verallia FY Adjusted Ebitda Meets Estimates
- VOW GY : China Approves Audi-FAW’s $3.3B EV Factory in Northeast: Caixin
>>> Up
* AF Gruppen Raised to Buy at Carnegie; PT 225 kroner
* Aker Carbon Capture Raised to Buy at HSBC; PT 20 kroner
* EDP Renovaveis Raised to Hold at SocGen; PT 18.50 euros
* Equinor Raised to Buy at HSBC; PT 294 kroner
* FirstGroup Raised to Outperform at RBC; PT 115 pence
* Ipsen Raised to Add at AlphaValue/Baader
* K2A Raised to Buy at Carnegie; PT 75 kronor
* Klarabo Sverige Raised to Buy at Handelsbanken; PT 48 kronor
* Mercedes Raised to Buy at HSBC; PT 90 euros
* Pennon Raised to Overweight at Morgan Stanley; PT 1,220 pence
* Swedbank Raised to Buy at AlphaValue/Baader
* Wacker Chemie Raised to Hold at SocGen; PT 135 euros
>>> Down
* British Land Cut to Underperform at Jefferies; PT 455 pence
* Ice Group Cut to Equal-Weight at Barclays; PT 4 kroner
* Land Sec. Cut to Underperform at Jefferies; PT 620 pence
* National Grid Cut to Equal-Weight at Morgan Stanley
* Nvidia Cut to Hold at Summit Insights
* Severn Trent Cut to Equal-Weight at Morgan Stanley
>>> Initiation
* ams-OSRAM Reinstated Hold at Jefferies; PT 16 Swiss francs
* ASMI Reinstated Buy at Jefferies; PT 350 euros
* ASML Reinstated Buy at Jefferies; PT 700 euros
* BMW Rated New Outperform at Credit Suisse; PT 127 euros
* Bytes Technology Rated New Overweight at Barclays; PT 640 pence
* E.On Reinstated Hold at Erste Group
* Fortnox Rated New Buy at ABG; PT 65 kronor
* Hexagon Rated New Buy at HSBC; PT 158 kronor
* Infineon Rated New Underperform at Jefferies; PT 26 euros
* Iveco Rated New Neutral at JPMorgan; PT 9.50 euros
* Melexis Rated New Underperform at Jefferies; PT 65 euros
* Mercedes Rated New Buy at Erste Group
* Mercedes Rated New Outperform at Credit Suisse; PT 90 euros
* Nagarro Rated New Buy at Stifel; PT 172 euros
* Pfizer Reinstated Hold at Erste Group
* Prudential Rated New Buy at Goldman; PT 1,761 pence
* RWE Reinstated Hold at Erste Group
* STMICRO NEW UNDERPERFORM AT JEFFERIES, PT EU30
>>> Call
* European Office REITs' 2021 Looks Dull, Prospects Rely on Change
* Carrefour 4Q Shows Progress, ‘Impressive’ Free Cash: Jefferies
* Inflation to Buoy U.K. Water Cos., Pennon Raised: Morgan Stanley
Hedge fund Caxton raises fees as inflation bets pay off
Management and performance charges will increase after firm delivers record profits
Caxton Associates, one of the world’s oldest and best-known macro hedge funds, is raising its fees and preparing to shut one of its funds to new money as it reaps big gains from bets on surging inflation and higher interest rates.
The London-based firm, which was founded by US billionaire Bruce Kovner in 1983 and is now headed by Andrew Law, has more than doubled its assets in a little over two years to more than $11bn — helped by record gains in 2020 and further profits at the start of this year. As a macro fund, Caxton wagers on moves in bonds, currencies and other assets, which can be influenced by the outcomes of economic and political events.
Caxton is now raising the management fee on its flagship Global fund from 2 per cent to 2.25 per cent, while it increases the vehicle’s performance fee from 22.5 per cent to 25 per cent, according to investor documentation seen by the Financial Times and a person familiar with its plans.
It is also changing the Global fund’s liquidity terms in order to limit the amount that investors can withdraw every quarter. In addition, Caxton is planning to shut its Macro fund, personally run by chief executive Law, to new money to avoid it becoming too large and potentially damping returns.
Caxton declined to comment.
Such steps put Caxton at odds with much of the wider $4tn hedge fund industry, where fees have been falling for years. They also underscore the power wielded by a small number of big-name funds that have delivered strong gains in recent years.
Average management fees across the industry stand at 1.36 per cent, while performance fees are 16.17 per cent, data group HFR said in December, the lowest level on record.
In November the FT reported that Israel Englander’s Millennium Management, which manages more than $53bn in assets, was returning about $15bn to investors and raising money in a private equity-style format, as it shifts its asset base towards longer lock-ups.
Limiting when investors can withdraw their money means that hedge funds are less likely to have to sell positions during tough market conditions, when prices may not be as favourable.
Caxton has enjoyed particularly strong gains during the pandemic and is now profiting from a belief, held for some time, that inflation was set to surge. At the end of 2020 the firm wrote in a letter to investors that “the stage may well be set for a great reflation”.
This year, Caxton’s Macro fund is up 14.2 per cent, having climbed 7.5 per cent last year and 62 per cent in 2020. The Global fund, meanwhile, which has already been shut to new money, is up 6.7 per cent, following gains of 7.9 per cent last year and 42 per cent in 2020.
The firm has profited from inflation-based trades in short-dated bonds, commodities and so-called value stocks, which are seen to trade at a discount relative to their financial prospects.
Caxton’s gains come during a challenging period for many macro funds. Last year a number of funds were caught out when they bet that longer-dated bond prices would fall faster than those of short-dated bonds.
Such “steepener” trades proved highly painful, as did positions in short-dated bonds, when those securities started selling off sharply as traders cranked up their expectations of a more aggressive move by the US Federal Reserve towards monetary policy tightening.
Chris Rokos’s Rokos Capital, Crispin Odey’s Odey Asset Management and Alphadyne were among the funds hit.
Activist Investor Daniel Loeb Sees Roughly $1 Trillion of Untapped Value in Amazon
Says the market is failing to recognize the full value of Amazon’s two disparate businesses: core e-commerce operations and its Amazon Web Services cloud unit
Activist investor Daniel Loeb, whose Third Point LLC counts Amazon.com Inc. AMZN 1.02% as one of its biggest holdings, told investors on Wednesday that he sees roughly $1 trillion in untapped value at the e-commerce giant.
Mr. Loeb said on a private call with the hedge fund’s investors that the market is failing to recognize the full value of Amazon’s AMZN 1.02% two disparate businesses, its core e-commerce operation and its Amazon Web Services cloud unit, according to people familiar with the matter. The call reviewed Third Point’s 2021 performance and its outlook on markets and a number of stocks were discussed.
AWS, as Amazon Web Services is known, has a so-called enterprise value of more than $1.5 trillion, almost as much as the company’s current market value of $1.6 trillion, according to a slide shared on the call, the people said. Meanwhile, Amazon’s retail business could be worth some $1 trillion, the slide said.
There is no sign that Mr. Loeb, one of the best-known shareholder activists, is pursuing an activist campaign at Amazon. The basic sum-of-the-parts analysis of Amazon has been widely discussed in recent years on Wall Street—especially since antitrust regulators began zeroing in on the increasing power of large tech companies like Amazon, fueling talk of potential break ups.
Third Point as of the end of the year had an Amazon stake valued at $784 million, according to a filing earlier this week. The fund had a stake of roughly $608 million three months earlier and was boosted by additional share purchases by Third Point.
Mr. Loeb referenced the Amazon position in his fourth-quarter investor letter released Thursday after The Wall Street Journal’s report on the call. He wrote that the increased position references “our conviction that Amazon is at an important crossroads as new management considers its long-term strategic plan to move the company forward, which may include several bold initiatives that are the subject of wide market speculation at the proverbial investor water cooler.”
He said he was encouraged by two recent developments: that the company repurchased shares for the first time in a decade in January, and that the company has disclosed more detailed financial results, including breaking out advertising revenue and detailing capital expenditures by category.
Third Point has shared with other hedge funds in recent weeks why it thinks a spinoff of AWS could make sense, including that it could help ease regulators’ concerns about the company’s market power, according to people familiar with the matter.
Though AWS accounts for less than 13% of the Seattle tech giant’s revenue, it is considered Amazon’s cash cow.
While best known for its retail platform, Amazon was a pioneer in cloud computing. Amazon launched AWS in 2006 and had a yearslong head start on competition before companies like Microsoft Corp. and Google began offering rival services. Today, AWS ranks as the world’s largest cloud provider, according to research firm Gartner Inc. If spun off, it would rank among the largest technology companies in the world. AWS was run by Andy Jassy until July, when he replaced founder Jeff Bezos as Amazon CEO.
Amazon has been the focus of an investigation by Congress on the monopoly power of technology platforms including Apple Inc. , Google parent Alphabet Inc. and Facebook parent Meta Platforms Inc. After a 16-month investigation, House lawmakers proposed legislation including a bill that seeks to make Amazon and other large corporations effectively split in two or shed their lines of private-label products. For Amazon, that could mean separating its private brands and devices such as Echo speakers from its online marketplace.
In its current form of disparate businesses, Amazon is one of the last true conglomerates. It has business lines as diverse as advertising, movie production, book publishing and cloud computing. As a result, it is the U.S.’s second-largest private employer.
The company has historically balked at calls for it to break up and has said “fringe notions on antitrust would destroy small businesses and hurt consumers.”
Amazon’s stock price soared 76% in 2020, benefiting from lockdowns driven by Covid 19. As people avoided stores, more turned to online shopping, with Amazon being one of the biggest beneficiaries. But in 2021, its share price climbed just 2.4%, compared with the S&P 500’s total return of 28.7%. In its most recent quarter, Amazon’s overall growth slowed while AWS’s revenues rose nearly 39% from the year-earlier period.