Amazon takes over from Apple as biggest price prop on S&P
Up 67% so far, the online retailer has contributed the most to mitigating losses in the index this year due to its perceived haven status
London
LAST year, failing to own Apple Inc was the most painful mistake a US equity fund manager could have made. This year, that distinction goes to Amazon.com Inc.
Up 67 per cent in 2015, the online retailer has contributed the most to mitigating losses in the Standard & Poor's 500 Index this year. Amazon's ascent has been aided not just by Apple's misfortunes, but by its perceived haven status at a time when investors want nothing to do with emerging markets. The company, which gets 57 per cent of its revenue from North America, is less exposed to global growth than its peers.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue