Seattle based e-commerce firm, Amazon.com, Inc. , has entered several new markets in the past year or so. In February 2016, the company reportedly entered the fashion industry, launching 7 in-house clothing brands (Franklin Tailored, Lark and Ro, Scout and Ro, Society New York, Franklin and Freeman, James and Erin, & North Eleven.) The retailer began operating in 1994, as an online book store. They have now emerged as a well-diversified business. This diversity makes them more resilient to industry isolated issues or poor performances.
In 2015, Amazon surpassed Wal-Mart Stores, Inc. as the most valuable U.S. retailer by market capitalization.
Amazon.com, Inc. (AMZN)’s Stock is Weakening After Strong Performance
On the 11/07/2016, a share in Amazon.com, Inc. valued at $753.78 (a 1-month high.) Since then, the stock has been on a downward trend, moving close to the $740 mark. As the NASDAQ closed on 14/07/2016, a share in the company was down by 0.19%, trading at $741.20. Amazon’s stock is just a few cents away from a 5-day low, & their market cap currently stands at $347.11 billion.
Despite the weak performance over the past few days, the firm’s stock is still very close to an all-time high.
Cloud9 Has Been Acquired by Amazon.com, Inc.
According to an article published just a few hours ago on Fortune, Amazon has purchased a cloud computing start-up, called Cloud9. The company was acquired by the firm’s cloud computing arm, called Amazon Web Services.
The article gave further details on Cloud9, reading “Cloud9 is based in both Amsterdam and San Francisco and has under 50 employees, according to the startup’s LinkedIn profile. The startup built a so-called integrated development environment, which is basically an-all-in-one software package that gives coders a bunch of tools to build, test, debug, and run their own software.”
Neither Cloud9 or Amazon.com, Inc. stated how much the deal was worth. In a post, Cloud9 CEO, Ruben Daniels, stated “We will be joining the Amazon Web Services family, and we’re looking forward to working together on terrific customer offerings for the future.”