Stocks news September 26, 2023: Amazon down on FTC lawsuit, Etsy stock falls; Fisker, Rivian jump

Published: Sep 26, 2023 Duration: 00:03:47 Category: News & Politics

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after the e-commerce giant is hit with an antitrust lawsuit the litigation alleging Amazon of Amazon are monopolizing Online Marketplace Services shares down about four percent here obviously Julie this was well telegraphed well reported we knew the FTC chairlena Khan made a name really on Amazon it's interesting how the Street's gonna ultimately see this too it's a long road potentially folks I talked to say years right between the complaints and the appeals yeah and then even if the FTC wins let's see it's broken up how do investors think about that well and given all of that it's interesting that we saw the stock decline on the day by four percent although you could argue that that's as much a function of the macro environment and this moment in time as it is this headline coming today as you said investors knew about it we don't know what the outcome is going to be it's going to take some time so why then see the stock down four percent well maybe because partly rates are in 4.56 percent today we're seeing a broad sell-off in tech tech has really emerged as the group to be interest rate sensitive this year and so here's another day where we're seeing that as a factor along with the FCC making the headlines but higher yields not helping right exactly all right let's take a look at some of the other movers who are watching electric vehicle makers on the move today Fisker is one of them anticipating a milestone pace of 300 vehicle deliveries per day in the U.S and Europe also watching shares of rivian those Shares are higher after bear designated the stock a fresh pick ahead of the EV makers delivery support now to be clear especially in the case of Fisker like it's still Teensy tiny eenie weeny right so it's just sort of a confirmation that it's actually going to be able to make some cars at all with any kind of sort of critical mass here I should mention also a Bank of America also reinstated coverage of Fisker with a buy rating and an eight dollar price Target so still bold up there yeah I mean but the companies it's delivered let's see 900 vehicles yeah it's you know it's still small it's it's a name limited limited but look at that nice limited run that's a way of making it oh boy I mean they're not cheap cars that's for sure and shares of etsy closing let's see how Etsy did today some some notes being passed around on the street they were higher last time I checked nope down four percent in the red uh ever core lowering its price Target on the e-commerce company from 105 to 85 the animals behind that call on Tuesday uh Lord It's Chrysler but he still has to outperform on this name which is interesting uh Julie he's still near to me says listen he's telling his clients he does seem some challenges there he says they expect to be range bound but long term he did make some survey of clients and liked what he saw there he said listen according to his survey's results um they show that customers continue to like the platform purchase frequency usage growth bottom line positive consumers consumer sentiment so near term pointing out some challenges why he lowers his Target but long term they still like the name here well and even some of the challenges that he talks about he says maybe overstated by the market for example he looks at the potential competition from temu and Xiang um online and the other sort of hot retailers online and he said the negative narrative related to the impact on Etsy from these platforms may be overdone he said consumer overlap is comparable to other industry players in other words there's already competition out there it's not necessarily for Etsy at least that taemu and she and bring in a lot more than what is already out in the market are you at that Etsy fan not not you know I'm not liking every day you're in there a little here and there that's a good way to describe it right you team Lipton found a great bookshelf on that too I've got the same very nice

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