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January 18, 2007
Amazon's Feb 1 Numbers Looking Soft
Prudential’s Mark Rowen is not too stoked on Amazon (AMZN) - he has it listed as Underperform - primarily due to poor comperables at Amazon competitors:
- Book retailers reported weak holiday results, with store sales down 1.9% at Borders and 0.1% at Barnes & Noble.
- Music sales declined at Borders, Best Buy and Circuit City.
- Electronics had a good holiday season, but driven by flat-screen TVs, where AMZN does not appear to be a significant player.
- U.S. traffic at Amazon.com was up only 5.7% in the 4th quarter according to comSore, and trended down in each month of the quarter.
Our theory on Amazon is that niche eCommerce sites are having their way with the everything to everyone Amazon. No buying of Amazon shares at tech:stocker until the cows come home.
Posted by Paul at January 18, 2007 07:18 PM
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