Today’s Research Reports on Stocks to Watch: Switch and Amazon.com
Switch shares as well as Amazon shares took a dive on Tuesday. Amazon dropped despite positive announcement that its AWS arm has partnered with a start-up company called Kaleido to make it easier for customers to put their services on blockchain. Shares of Switch fell after disappointing first quarter results.
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Switch, Inc. shares closed down almost 15% on Tuesday with roughly 6 million shares traded. The stock hit a new low of $13.02 during intra-day trading after the data center facilities company announced first quarter results that didn’t meet expectations. Revenue may have grown 10% YOY to $97.7 million, and a net income attributable to the company of $0.02 per diluted share, but it was below the $0.05 that analysts had expected. President Thomas Morton was "pleased" with the progress of the company and in "positioning Switch as a partner of choice for global enterprises." CEO Rob Roy also said, "Switch continues to execute on its market expansion strategy. We are excited about our growth prospects in 2018 in our Citadel and Pyramid Primes, and the continued growth in our Core Campus." For the full year, Switch is expecting revenue in the range of $423 million to $440 million, and adjusted EBITDA of $216 million to $224 million.
Access RDI’s Switch, Inc. Research Report at:
Amazon.com, Inc. shares closed down 1.59% on about 5 million shares traded yesterday. The e-commerce giant had several developments including an announcement that it’s cloud computing arm is partnering with start-up Kaleido to make it easier for customers to put their services on blockchain. Amazon’s Amazon Web Services stated, "Introducing Kaleido to AWS customers is going to help customers move faster and not worry about managing blockchain themselves." One of the founders of Kaleido, Steve Cerveny, explained, "They can focus on their scenario and they don’t have to become PhDs in cryptography, we give them a simple platform to build their company on blockchain." Cerveny had also said, "They’ve been looking for partners to help get blockchain into their customers’ hands," Cerveny told CNBC. "They’re putting it in the marketplace will accelerate what their customers are going to do with it." According to Joseph Lubin who founded the Ethereum blockchain, Amazon’s move is "heavy duty." Amazon also announced it would be bringing its grocery store to Chicago and San Francisco without checkout lines. This means the company’s concept is expanding beyond just Seattle.
Access RDI’s Amazon.com, Inc. Research Report at:
Our Actionable Research on Switch, Inc. (NYSE: SWCH) and Amazon.com, Inc. (NASDAQ: AMZN) be downloaded free of charge at Research Driven Investing.
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