Amazon remains top pick at UBS — and in our portfolio — despite FedEx’s alarming guidance

A new Wall Street research note shows Amazon’ s (AMZN) e-commerce sales are holding up, even as many other retailers are struggling. Shares of Club holding Amazon fell nearly 3% in Friday’s down market. FedEx reported lower-than-expected fiscal first-quarter results, issued current quarter guidance short of estimates, and withdrew its full-year outlook. FedEx blamed the macro environment, and new CEO Raj Subramaniam told Jim Cramer in an interview that he expects a worldwide recession.

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