- Amazon.Com, Inc (NASDAQ:AMZN) continues to win investor attention amid reports of canvassing telecom operators like DISH Network Corp (NASDAQ:DISH), Verizon Communications Inc (NYSE:VZ), T-Mobile US, Inc (NYSE:TMUS) about offering Prime subscribers $10 a month or possibly for free. The telecom operators and Amazon denied the reports.
- Wall Street firms, including Moffett Nathanson and Bank of America, remained skeptical of the reports. Amazon’s cost to the company of providing even a single line would be about $240 a year—above the annual cost of an Amazon Prime membership, currently at $139. And that’s just for one line—the costs would multiply with more prominent families. Also, the move could subject Amazon to FCC regulation adding to its existing regulatory worries.
- Also Read: Streamers Vs Smoke Screens: How Netflix, Amazon, and Disney Respond to India’s Tobacco Warning Rules
- HSBC analyst Adam Fox-Rumley maintains T-Mobile US with a Buy and lowers the price target from $185 to $165. Fox-Rumley reiterates Verizon with a Hold and lowers the price target from $42.5 to $39. Fox-Rumley maintains AT&T Inc (NYSE: T) with a Buy and lowers the price target from $21 to $19.
- Separately, Vimeo, Inc (NASDAQ: VMEO) halted support for its existing TV apps, including Apple Inc (NASDAQ: AAPL) Apple TV, Android TV, Amazon Fire TV and Fire TV Stick, and Roku, Inc (NASDAQ: ROKU) as of June 27, 2023.
- Vimeo’s closure marks its retiring legacy products and features inconsistent with its standards.
- Price Action: AMZN shares traded higher by 1.06% at $125.59 on the last check Monday.
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