Amazon shares close higher on Wednesday, warehouses in France to be closed until May 18th, company says

Source: tradingpedia 2020-05-14

Amazon.com Inc (AMZN) said earlier this week that its 6 warehouses in France would remain closed until May 18th.

The warehouses have been closed since April 16th after Amazon was ordered to restrain deliveries during the COVID-19 pandemic.

Amazon shares closed higher for the eighth time in the past ten trading sessions on NASDAQ on Wednesday. The stock went up 0.47% ($10.97) to $2,367.92, after touching an intraday low at $2,339.85, or a price level not seen since May 6th ($2,320.00).

Shares of Amazon.com Inc have risen 28.15% so far in 2020 compared with a 12.71% loss for the benchmark index, S&P 500 (SPX).

In 2019, Amazon’s stock went up 23.03%, thus, it underperformed the S&P 500, which registered a 28.88% gain.

“Our fulfilment centres are safe. However, the potential penalty outlined by the Versailles Court of Appeal means that even a rate of 0.1% of handling or shipping items that are not included in the judgement could lead to a fine of more than a billion euros per week,” Amazon said in a statement, cited by Reuters.

“Unfortunately, this means we have no option but to keep our fulfilment centres in France temporarily closed. We therefore anticipate a further extension of the temporary closure until May 18,” the e-commerce giant also said.

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Amazon shares close higher on Wednesday, warehouses in France to be closed until May 18th, company says

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