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Amazon stock soars but US shares down amid metal meltdown
24th July 2015
Amazon shares soared yesterday (July 23rd) after the company reported a rare profit, overtaking Walmart in the process to become the largest US retailer by market capitalisation.
The company’s stock spiked by 19 per cent in after-hours trading following bumper second quarter results.
Amazon said revenues rose to $23.2 billion, up 20 per cent on the same period last year. Profits were $92 million for the quarter, confounding Wall Street expectations for a loss.
While Amazon’s gains arrested a slide in tech stocks sparked by Apple earlier in the week, it was not enough to prevent US indices falling on Thursday.
The S&P 500 and Dow Jones both fell after Caterpillar and 3M dropped as they cut sales forecasts amid slumping iron ore, copper and coal prices.
Problems continued for metal and mining firms on Friday, with shares in platinum miner Lonmin slumping nine per cent after it announced 6,000 job losses in South Africa.
Platinum prices have declined 45 per cent since 2011 to reach their lowest since February 2009 this week. Gold once again slide to a fresh five-year low as the US dollar gained.
London-listed Anglo American also announced it will cut thousands of jobs as it battles slumping metal prices and a first-half loss of $1.9 billion.
Mark Cutifani, Anglo’s chief executive, told Bloomberg TV: “It is a tough market, prices are falling away, but we expect to show progress by the end of the year. It will probably get tougher in the second half, but we will get through it.”
Falling factory output in China added to commodity market woes on Friday, with the Caixin/Markit China Purchasing Managers’ Index dropping to 48.2 in July, the fifth month in a row of contraction.
Meanwhile, the dollar rose against a basket of currencies on Friday as strong jobless figures fuelled expectations the Federal Reserve will hike rates in September.
The dollar index rose after the US Department of Labor said initial jobless claims fell by 26,000 to a 40-year low of 255,000.
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