Amazon Climbs on Positive Signs for E-Commerce Sales By Investing.com

By Dhirendra Tripathi

Investing.com – Amazon (NASDAQ:AMZN) shares rose 2% Wednesday, on potentially strong home e-commerce growth in the first quarter.

Cowen analyst John Blackledge talked to one of the largest home sellers on Amazon and Wayfair (NYSE:W). Blackledge said the seller is expecting more than 20% year-on-year sales growth on Amazon. Cowen rates both Amazon and Wayfair as outperform.

The market didn’t react to the news the same way for Wayfair, which traded 3.7% lower.

The seller largely comprises outdoor home goods products and generates about 55% of its revenue on Amazon and 15% on Wayfair.

According to an April 6 note by JFD Bank, Amazon is trading above a newly formed upside line taken from the low of March. 5. “All these technical signs paint a positive short-term picture, in our view.”