Bezos Steps Down | February 2

by Luna Fuller
0 comment

Good Evening!

The DJIA rose 1.57%
The S&P 500 was up 1.39%
The Nasdaq Composite added 1.56%

Financials led the market today.

General Market Review

Financials

The rise in US government bond yields boosted the net interest income that banks earn on loan products. The slow rates of Covid infections and vaccine rollout also supported financials. Banks, JPMorgan Chase and Goldman Sachs Group gained 3% and 4%, respectively.

Consumer Discretionary

As Uber has focused on their Eats business segment during the pandemic, the company announced a deal to acquire Drizly, an alcohol-delivery service, for $1.1 billion. This deal is expected to close in the first half of 2021. UBER gained about 7%.

Earnings

Amazon reported earnings today along with news that Jeff Bezos will be transitioning from CEO to executive chairman. For the fourth quarter of 2020, Amazon reported EPS of $14.09 and its largest revenue to date of $125.56 billion. These results compare positively to expectations of $7.23 for earnings and a revenue of $119.7 billion. Andy Jassy will take over as CEO as Bezos has decided to focus on newer products and initiatives as he steps down. AMZN is up about 1% afterhours.

Related Posts