Amazon.com (AMZN) Stock Higher, No Brexit Impact So Far

Amazon.com (AMZN) stock is gaining on Wednesday afternoon as the e-commerce giant said it has not seen a decline in sales at its British unit in the wake of Brexit.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of Amazon.com (AMZN) - Get Report are rising 1.07% to $735.90 on Wednesday afternoon as the e-commerce giant said it has not seen a decline in sales at its British unit in the wake of the country's decision to leave the European Union, Reuters reports.

"Our sales are in line with expectations...It's business as usual as far as we are concerned," U.K. country manager Doug Gurr told reporters today. He didn't specify what those expectations were.

Gurr also noted that it was too early to say what the effect of the June 23 vote would be, Reuters said.

"There's a lot of details to be worked out...We don't know exactly what the regulatory environment will be, we don't know exactly what the terms of the new separation will be," he added.

Additionally, the Seattle-based online retailer said it is planning to create another 1,000 jobs in the U.K. this year.

The jobs are in addition to the 2,500 jobs it announced in January and will include its head office, research and development centers, customer service center, fulfillment centers, a fashion photography studio and Amazon Web Services, Reuters noted.

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial).

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AMZN

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