NEW YORK (TheStreet) -- Shares of Amazon.com Inc (AMZN) were down 1.16% to $433.03 in pre-market trading Monday, following the ecommerce giant's announcement that it plans to launch its business loan program Amazon Lending for small sellers later this year, Reuters reports.
Currently, the program is available in U.S. and Japan.
Amazon will expand its loan offers in eight more countries including China, where credit is a key factor in competing for new vendors and gaining market share, Reuters added.
The other countries are Canada, France, Germany, India, Italy, Spain and the United Kingdom.
Seattle, Wash.-based Amazon.com is an e-commerce company that sells a range of products and services through its various owned and affiliated websites.
Insight from TheStreet's Research Team:
Amazon is a part of Bryan Ashenberg's GrowthSeeker.com Portfolio. Here is what Ashenberg had to say about the stock in a recent weekly summary:
Amazon.com (Consumer Discretionary -- AMZN:Nasdaq, $436.29, 41 shares, 3.64%; $475 price target): Amazon's shares traded 3% higher this week. On Wednesday, Piper Jaffray reiterated its Overweight rating and $520 price target on the stock. The analyst believes the June quarter unit growth should come in between 19% and 22% based on their proprietary analysis of Google search terms, which would be ahead of the 18% to 19% consensus expectations.
While we are not looking for Amazon to maximize near-term profitability, we believe a focus on profitability needs to continue to be in the forefront of management's efforts. Amazon's first-quarter results and the newfound information on the marked profitability of the Amazon Web Services (AWS) segment lead us to conclude that the stock remains undervalued.