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AMZN

Amazon.com

$2,004.40

1.72 (0.09%)

, WMT

Walmart

$94.43

0.52 (0.55%)

07:14
10/02/18
10/02
07:14
10/02/18
07:14

Amazon raises minimum wage to $15 amid rising criticism on pay

Shares of Amazon.com (AMZN) are in focus on Tuesday after the company announced plans to raise the minimum wage for all U.S. employees, effective November 1. The higher pay comes amid a wave of criticism from politicians, including Senator Bernie Sanders, about its treatment of warehouse workers. $15 MINIMUM WAGE: Earlier this morning, Amazon announced a new $15 minimum wage for all of its U.S. employees. Effective November 1, the higher minimum wage will benefit more than 250,000 Amazon employees -- including part-time and temporary employees -- as well as another 100,000 seasonal employees, the company said. The company said the new minimum wage will also apply to its subsidiaries, including Whole Foods, and that all of its Operations and Customer Service employees will see an increase, including those who are already making $15. Amazon said the effect of the higher pay will be reflected in its forward-looking quarterly guidance. MOUNTING CRITICISM: Amazon and CEO Jeff Bezos have been under mounting criticism from Senator Bernie Sanders and other politicians about its pay and the conditions of its warehouses. Sanders and Rep. Ro Khanna last month introduced legislation to tax corporations for every dollar that their low-wage workers receive in government health-care benefits or food stamps. The bill, called the Stop Bad Employers by Zeroing Out Subsidies, or BEZOS, Act, is aimed at companies like Amazon and Walmart (WMT), whose workers rely on public assistance. Sanders had previously targeted Amazon and CEO Jeff Bezos, contrasting Bezos' wealth -- he has a net worth of over $168B -- with reports that Amazon's warehouse workers are paid less than industry averages and many rely on food stamps. In a statement today, Bezos said "We listened to our critics, thought hard about what we wanted to do, and decided we want to lead. We're excited about this change and encourage our competitors and other large employers to join us." Additionally, Jay Carney, the SVP of Amazon Global Corporate Affairs said, "We will be working to gain Congressional support for an increase in the federal minimum wage. The current rate of $7.25 was set nearly a decade ago... We intend to advocate for a minimum wage increase that will have a profound impact on the lives of tens of millions of people and families across this country." The company added that it will continue to provide comprehensive healthcare on day 1, company-paid life and disability insurance, up to 20 weeks of paid parental leave, 401k matching, and Career Choice, which pre-pays 95% of associates' tuition for courses in high-demand fields, whether those jobs are at Amazon or another company. PRICE ACTION: Shares of Amazon are fractionally lower in pre-market trading.

AMZN

Amazon.com

$2,004.40

1.72 (0.09%)

WMT

Walmart

$94.43

0.52 (0.55%)

  • 04

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AMZN Amazon.com
$2,004.40

1.72 (0.09%)

09/28/18
PIPR
09/28/18
NO CHANGE
Target $2100
PIPR
Overweight
Piper views Amazon's '4-star' store concept as another positive step
After visiting Amazon.com's new "4-star" store concept in lower Manhattan, Piper Jaffray analyst Michael Olson says the company's physical presence is "another positive step toward a hybrid online-offline world that lets Amazon service online customers at breakeven cost and sell a few prime subscriptions along the way." The recent story published by Bloomberg that Amazon hopes to open up to 3,000 physical locations by 2021 is plausible, Olson tells investors in a research note. He expects Amazon to eventually find a formula that works, but that its core economics will likely remain online. The analyst keeps an Overweight rating on the shares with a $2,100 price target.
09/28/18
MSCO
09/28/18
NO CHANGE
Target $2500
MSCO
Overweight
Morgan Stanley survey shows 26% of U.S. consumers now own Amazon credit card
Morgan Stanley analyst Brian Nowak noted that the firm's latest Alphawise survey data indicates that 26% of U.S. consumers now own an Amazon credit card, which is up from 18% in the third quarter of last year. He is bullish on this strategy and said credit could be only the beginning, noting that The Wall Street Journal has previously reported that Amazon seems interested in offering a debit card with rewards. Nowak, who sees the potential for an Amazon debit reward card to grow its Prime subscriber base in the under $50k per year bracket, has an Overweight rating on Amazon with a $2,500 price target.
10/01/18
KEYB
10/01/18
NO CHANGE
KEYB
Amazon represents ongoing threat to mattress industry, says KeyBanc
KeyBanc analyst Bradley Thomas says that he came across several mattress models launched under the AmazonBasics brand on Amazon. While not a surprise, the analyst believes the launch warrants monitoring. Initially, Thomas thinks this line will likely take share from other lower-price online brands, rather than having an effect on the middle or upper price points. Nonetheless, the analyst believes Amazon represents an ongoing threat to most of the traditional side of the industry.
10/02/18
LOOP
10/02/18
NO CHANGE
Target $15
LOOP
Hold
Bed Bath & Beyond pricing gap with Amazon narrowed in August, says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Hold rating and $15 price target on Bed Bath & Beyond (BBBY), saying his channel checks indicate a further narrowing of the pricing gap with Amazon (AMZN). The analyst notes the gap in August has shrunk to 13.6% on average vs. 16.9% in July, but also warns that given its position as the "most dynamic retailer" in the U.S. in terms of pricing, Amazon can "quickly and easily lower prices if top-line growth underperforms".
WMT Walmart
$94.43

0.52 (0.55%)

09/25/18
MSCO
09/25/18
NO CHANGE
Target $2500
MSCO
Overweight
Amazon should increase focus on autonomous driving, says Morgan Stanley
Morgan Stanley analyst Brian Nowak makes the case that autonomous driving technology should be where Amazon (AMZN) invests next, stating that Alphabet's (GOOGL) Waymo partnering with Walmart (WMT) and shopping center owner DDR (DDR) to drive shoppers to stores is "just the beginning." He sees the potential for a deeper integration between Google Shopping and Waymo autonomous cars to deliver retailers' in-store or warehouse inventory to consumers, and sees Amazon needing a defense against a stronger potential long-term Waymo retail offering. Nowak also notes that Amazon is already investing in its own delivery network and contends that investing in an autonomous offering is just an extension of this strategy in many ways. Additionally, the analyst sees a small relative upfront investment, the potential for large shipping savings and ways to leverage the value of miles driven. Nowak maintains an Overweight rating and $2,500 price target on Amazon shares.
09/25/18
CLVD
09/25/18
NO CHANGE
CLVD
Neutral
Walmart Q3 comps trending above consens, says at Cleveland Research
Cleveland Research analyst Scott Bender's checks indicate sales trends remain strong for Walmart's Q3-to-date and appear to be trending above consensus expectations with fairly steady trends in grocery despite tough comps. The analyst is modeling Q3 US comp store sales of up 3.5%-4%, versus consensus of up 2.8%.
09/26/18
SBSH
09/26/18
INITIATION
Target $13
SBSH
Neutral
Hostess Brands initiated with a Neutral at Citi
Citi analyst Alexis Borden started Hostess Brands (TWNK) with a Neutral rating and $13 price target. The analyst sees a "host of questions" over Hostess' near-to-medium term outlook due to the recent revenue headwinds from lost Walmart (WMT) display space, heightened cost inflation pressures and continued "sluggish" Sweet Baked Goods category growth. As such, Borden is cautious on the shares near-term.
09/27/18
MSCO
09/27/18
NO CHANGE
MSCO
Walmart, Kroger to see margin pain from 'war of attrition,' says Morgan Stanley
Morgan Stanley analyst Simeon Gutman said food retail disruption is accelerating as both grocers and consumers head online and he projects that industry EBIT margins, which are "already slim at 3%," could shrink by nearly a third by 2023. He is incrementally more cautious on Kroger (KR) and has "meaningfully" lowered his EBIT and EPS forecasts, stating that while the company and Walmart (WMT) can both take share, "margin pain" is likely in the process of their "war of attrition" in grocery with Amazon (AMZN), each other and a number of additional competitors. Consensus estimates expect stable margins at Kroger and Walmart, which appears challenging to Gutman, he tells investors. The analyst keeps Equal Weight ratings on both traditional retailers and an Overweight rating on Amazon, arguing that it should be able to leverage Prime and its fast-growing high-margin businesses to invest more heavily while still driving higher profitability.

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BAC

Bank of America

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-0.96 (-3.51%)

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Caesars

$8.98

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$27.72

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Dish

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Summit Hotel Properties

$11.12

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Extended Stay America

$16.28

-1.2 (-6.87%)

LBRT

Liberty Oilfield Services

$16.14

-2.18 (-11.90%)

MLCO

Melco Resorts & Entertainment

$16.91

-0.83 (-4.68%)

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VIA

Viacom

$36.01

-0.6 (-1.64%)

, VIAB

Viacom

$32.66

-0.34 (-1.03%)

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SNPS

Synopsys

$88.80

-0.07 (-0.08%)

CDNS

Cadence Design

$44.34

3.72 (9.16%)

PII

Polaris Industries

$86.99

-5.63 (-6.08%)

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CMG

Chipotle

$429.89

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MGM

MGM Resorts

$24.84

-1.27 (-4.86%)

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Arconic

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JBLU

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$NSD

NASDAQ Market Internals

$0.00

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$NYE

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CSCO

Cisco

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CLF

Cleveland-Cliffs

$10.96

-0.37 (-3.27%)

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WMT

Walmart

$96.98

-0.16 (-0.16%)

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SunPower

$6.64

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