Amazon.com Inc (NASDAQ:AMZN) stock was steady in premarket, after giving up 4% on Tuesday, as the US Federal Trade Commission and 17 US states launched a lawsuit claiming the online retailer founded by Jeff Bezos illegally monopolizes online shopping, lowering quality and hiking prices for consumers.
In retort, via a statement, Amazon said the lawsuit "would lead to higher prices and slower deliveries for consumers".
"If the FTC gets its way, the result would be fewer products to choose from, higher prices, slower deliveries for consumers, and reduced options for small businesses—the opposite of what antitrust law is designed to do," said David Zapolsky, Amazon's head lawyer. Read more
Costco Wholesale Corporation (NASDAQ:COST) shares were down 1.95%, at $542.20, in early dealing as sentiments skewed ‘glass half empty’ after the grocery reported ‘soft’ sales but otherwise its fourth-quarter results topping expectations.
The company posted earnings of $4.86 per share, up from $4.20 per share a year earlier and ahead of Street expectations of $4.79. Revenue was $7.9 billion, compared to $7.2 billion in the year-ago quarter and expectations of $7.8 billion. Read more
Faraday Future Intelligent Electric (NASDAQ: FFIE) stock was down a further 28% in premarket, at $1.78,adding to Tuesday’s decline, after the EV firm announced a share sale to raise $90 million. Read more
Progress Software (NASDAQ:PRGS) shares fell back 4.2%, to $53.04, as the company remained under strain following a data breach in June, though the company posted its third-quarter results ahead of analyst expectations.
It reported revenue of $175 million, up 16% year-over-year and above expectations of $173.3 million. Adjusted earnings were $1.08 per share, up 8% from the year-ago quarter and topping projections of $1 per share. Read more
Peloton Interactive Inc (NASDAQ:PTON), down 0.4% at $4.60, announced co-founder and chief product officer Tom Cortese is leaving the company after 12 years. Cortese, who helped launch the at-home fitness company with former CEO John Foley, plans to shift to an advisory role on November 1. Read more