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Amazon Stock Falls After Significant Q3 Losses, BSkyB Up, BT and Pearson Down
October 24, 2014 7:11 amVideo
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Amazon – Another set of quarterly results, another litany of losses for the US’s largest internet commerce firm. The company reported Q3 losses of $437 million, compared to a loss of $41 million in Q3 2014. Shares in the company dropped by more than 10% in after hours trading , the company’s biggest drop in share price for 10 years. Although revenues were up, they failed to meet expectations, coming at $20.58 billion instead of the $20.84 billion expected. The markets’ reaction suggests that investors are tiring of the firm’s ongoing willingness to sacrifice the present in order to focus on the future – another quarter of losses coupled with the company showing little hesitation to spend on new technology suggests that, contrary to the popular idiom, Amazon can’t see the trees for the wood – or rainforest.
In world markets, the FTSE is down by 0.38%, the DAX is down by 0.5%, while the CAC is down by 0.42%. The S&P and Dow both closed up yesterday, by 1.23% and 1.32% respectively; however, S&P500 futures dropped very slightly as markets reacted to the news of New York’s first confirmed case of Ebola. In Asia the Nikkei closed up by around 1% whilst the Shanghai Composite stayed roughly even and the Hang Seng closed down slightly, by 0.13%.
FTSE Focus
The biggest losers on the FTSE this morning are BT and Pearson, with BT still coming to terms with the rejection by an EU court of the company’s bid to overturn a ruling made 5 years ago. The 2009 ruling declared that certain pension fund exemptions the firm had previously enjoyed were illegal, with BT forced to repay more than £16 million as a result. Meanwhile, Pearson felt the pinch after the news that its chief of finance for the last decade will be stepping down. This morning’s winner on the FTSE appears to be BSkyB, after Rupert Murdoch’s former son-in-law, fund manager Crispin Odey, finally consented to a deal to sell his 8% stake in Sky Deutschland to BSkyB. BSkyB is currently up by around 1.22%, whilst BT is down by 2.28% and Pearson is down by 2.22%.
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