Amazon stock rises in spite of UK employees vote to strike

Amazon stock was trading at 128.72+0.17 (+0.13%) by 10:30 AM EDT

Workers at a Coventry warehouse will vote on the first prospective strike by Amazon (NASDAQ:AMZN) employees in the UK, according to a statement from the GMB union.

The Seattle-based e-commerce behemoth has proposed raising its hourly rate to 11.45, although that proposal has been criticized as being insufficient. According to the GMB union, warehouse employees were incensed by the meager salary increase proposed.

Theyre creating history, said GMB Senior Organizer Amanda Gearing, as these Amazon employees will be the first in the UK to participate in a formal strike vote. They are receiving an offer of 35p an hour from a firm worth more than 1 trillion, despite the greatest housing crisis in a generation. Naturally, they are incensed.

According to the Office for National Statistics, in August 2022, the CPI increased by 9.9% compared to the same month the previous year, down from 10.1% in July. The ballot will expire on October 19, and any additional strikes are expected to happen in November, according to the union. A request for comment from Amazon did not receive a prompt response.

Amazon stock shaky over California antitrust case

California is suing Amazon. Rob Bonta, the states attorney general, claims that the retail behemoths agreements with third-party vendors drive up costs while also stifling competition. The lawsuit now aims to prevent Amazon from acting in an anti-competitive manner and compensate California consumers.

Examining the activity on Amazon right now, As you can see, the price is still rising, up around 7/10 of a percent. However, after that news broke there, we did have a momentary decline here, though we have since partially recovered our losses.

Invest 7/10 of a percent more today. On a two-day basis, however, we are aware that Amazon just experienced its worst day since May of this year. Accordingly, the stock is still down roughly 6.4% on a two-day chart. Considering the larger tech industry here, yesterday was undoubtedly a poor day for IT. The worst day we have seen in a few years was reported by many of those big IT companies.

What Caused Today’s Spike In The Amazon.Com Stock?

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Author: Jowi Kwasu
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