NEW YORK (TheStreet) -- Shares of Amazon.com (AMZN) were declining in early-afternoon trading on Wednesday as the e-commerce company considers bidding for a 30% stake in Dubai's Souq.com, sources told Bloomberg.
Other potential bidders include private equity firms and regional, family-owned companies hoping to push into online sales.
The holding could value the online retailer at $1.2 billion, Bloomberg reports.
A stake would help Amazon.com expand into the Middle East, where economic growth and an increasing population are drawing the interest of companies and private equity firms.
(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial.)
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.
Amazon.com's strengths such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.
You can view the full analysis from the report here: AMZN
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 article's author.