Amazon is gearing up for the holiday season with ambitious plans to hire 250,000 new employees in the United States. The e-commerce giant is investing $2.2 billion in additional compensation, aiming to raise the average hourly wage to over $29. This move comes as Amazon faces growing competition from Asian platforms like Shein and Temu. The company is also taking legal action against counterfeit sellers, filing a lawsuit alongside Canon against 18 seller accounts. Furthermore, Amazon plans to offer significant discounts of up to 60% on electronics, toys, and household items for Prime members starting October 8th, in an effort to boost sales and solidify its market position in a rapidly changing retail landscape.
Stock Performance and Investor Outlook
Despite recent volatility, Amazon's stock shows resilience. After dipping below the crucial 100-day line on October 3, 2024, at €165.58, the stock quickly rebounded, closing at €168.99 on October 4, 2024, marking a 2.41% daily gain. The stock has demonstrated impressive growth, with a 41.51% increase year-to-date. While currently trading 10.53% below its 52-week high, analysts see potential for further growth, maintaining an average price target that suggests upside potential for investors.
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