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Consumer stocks were mixed late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) easing 0.1%.
In corporate news, Amazon.com will return to its pre-COVID work environment with workers expected to be in the office every day except for extenuating circumstances, effective Jan. 2, Chief Executive Officer Andy Jassy said. Amazon shares were shedding 0.7%.
Darden Restaurants may miss Wall Street's estimates for fiscal Q1 when it reports results on Thursday but may reiterate its full-year outlook against easing comparisons, Oppenheimer said Monday. Darden shares were down 0.2%.
Gaucho shares jumped 13% after the company said it expects to save $1.6 million in the next 12 months through a restructuring and cost-cutting strategy.
Hasbro is set up for a strong 2025 on signs of "very strong momentum" in recent "Magic: The Gathering" set releases and bullish prospects in the toy business, BofA Securities said in a report. BofA raised the company's price target to $90 from $85 and reiterated its buy rating on the stock. Hasbro shares rose 1.6%.
Consumer stocks were mixed late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) easing 0.1%.
In corporate news, Amazon.com will return to its pre-COVID work environment with workers expected to be in the office every day except for extenuating circumstances, effective Jan. 2, Chief Executive Officer Andy Jassy said. Amazon shares shed 0.8%.
Adds details of mandate throughout
By Greg Bensinger
Sept 16 (Reuters) - Amazon.com AMZN.O will require employees to return to working at company offices five days per week beginning next year, toughening a prior three-day mandate.
The change is necessary to "invent, collaborate and be connected" wrote CEO Andy Jassy in a letter to employees on Monday posted to its website. He said the experience of a three-day mandate "strengthened our conviction about the benefits" of in-office work.
Companies have been allowing many employees to work from home since the pandemic, leaving downtown offices nearly empty in a number of cities such as San Francisco and Seattle. However, some tech firms are beginning to mandate employees to return to their offices two or three days per week.
Amazon has taken a tougher stance than many of its rivals as COVID-19 has become less of a daily threat. Employees have described to Reuters how Amazon has required them to report to, in some cases, distant offices or move to Seattle to keep their jobs.
And some employees who were consistently out of compliance with the existing three-day mandate were told they were "voluntarily resigning," and were locked out of Amazon's systems. A spokesperson for Amazon did not immediately respond to say whether the new mandate will be as stringent, nor did an employee Q&A shared with Reuters on Monday make it clear.
The mandate has been deeply unpopular among a vocal group of employees who have said working from home is both effective and spares time and money for commuting. In May last year, workers at Amazon's Seattle headquarters staged a walkout protesting changes to the e-commerce giant's climate policy, layoffs and a return-to-office mandate.
As part of an organizational restructuring, Amazon is looking to increase the ratio of individual contributors to managers by at least 15% by the end of the first quarter of 2025. In the Q&A, Amazon said some "some organizations may identify roles that are no longer required" without giving additional details.
Amazon also is eliminating a prior program that allowed workers the option to work from anywhere for four months per year, according to the Q&A.
(Reporting by Greg Bensinger in San Francisco; Deborah Sophia in Bengaluru and Juby Babu in Mexico City; Editing by Alan Barona and Sandra Maler)
(( DeborahMary.Sophia@thomsonreuters.com ))
Keywords: AMAZON.COM-WORKFORCE/ (UPDATE 2, PIX)
Amazon.com Inc. might be the world's largest online retailer, but don't sleep on its Hollywood ambitions. Amazon Prime Video is giving traditional entertainment players such as Walt Disney Co a run for their money.
Amazon: E-Commerce Juggernaut Flexes Its Streaming Muscle
While 75% of Amazon's revenue still comes from its core retail operations, its streaming service is an underrated gem, especially as part of the broader Amazon ecosystem. AWS (Amazon Web Services) chips in another 15%, making this company a multi-pronged powerhouse.
Source: Benzinga Report – AMZN
Amazon stock is up 31.81% over the past year and 23.06% year-to-date. Analysts are confident, too, projecting a 12-month price target range of $200 to $265, with an average of $232.50, signaling a potential 30.49% upside.
Chart created using Benzinga Pro
Technically, Amazon stock is in great shape. It's trading above its eight-, 20-, 50-, and 200-day simple moving averages, flashing bullish signals all over the place. But the options market is a bit more cautious, with sentiment leaning negative, and selling pressure is starting to build.
Still, with a five-year Sharpe ratio of 1.0927, Amazon is outperforming the competition, showing its resilience even in turbulent markets. Prime Video is a secret weapon in its continued dominance, offering consumers both retail therapy and binge-worthy content in one subscription.
Read Also: CrowdStrike, Amazon, And NVIDIA Team Up To Empower Cybersecurity Startups
Disney: Struggling To Reignite The Magic
Walt Disney is synonymous with entertainment, but lately, it's been lagging behind Amazon on the stock chart and in the streaming wars. Disney+ was meant to be its big-ticket to streaming success, but the numbers aren't as magical as investors hoped.
Disney’s stock is up a modest 7.61% over the past year and a paltry 0.86% year-to-date, making Amazon's gains look like a bull stampede.
Source: Benzinga Report – DIS
Analysts are giving Disney a 12-month price target range of $94 to $145, with an average of $119.50, which represents a 32.20% potential upside. While Disney's entertainment, sports (ESPN) and theme parks still bring in significant revenue, its five-year Sharpe ratio of -0.8229 indicates it’s been a bumpy ride for shareholders compared to industry peers.
Chart created using Benzinga Pro
The technicals aren't helping Disney's case either. While Amazon stock is riding high on multiple bullish signals, Disney stock is struggling, with its stock trading barely above key moving averages.
The options market is showing negative sentiment here, too, leaving investors to wonder when, or if, the House of Mouse will return to its former glory.
Streaming Showdown: Prime Vs. Disney+
Amazon’s Prime Video and Disney+ are locked in a fierce battle for streaming supremacy, but it's clear which company is winning in the stock market right now. Amazon is leveraging its diversified business model and Prime bundle to stay ahead, while Disney is facing more hurdles than expected, from slower streaming growth to stock struggles.
With Amazon's stock showing bullish technicals and strong price targets, it's a safer bet for investors looking for both growth and entertainment. Meanwhile, Disney has some catching up to do, not just in the streaming wars but in restoring its magic touch with shareholders.
Read Next:
Photos: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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