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Amazon stock jumps on earnings beat

Thursday, January 29, 2015 - 02:03

Amazon results beat forecasts, but Google had a big miss. Stocks moved higher in a late day rally on Thursday. Bobbi Rebell reports.

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Happy holidays for Amazon. Strong sales during the crucial season helping the online retailers earnings trounce forecasts, sending its shares higher in after hours trading. Raising its prime membership to $99 paying off. Paying prime membership rose 53 percent last year. Google getting hit after hours. Revenue falling short of Wall Street's targets on declining ad sales and the strong dollar. Visa earnings coming in better than forecasts and announcing a 4-1 stock split. During the regular trading session, stocks enjoyed a late afternoon rally thanks to an upturn in oil prices and a rally in Apple and Boeing shares. Alibaba's revenue surged 40 percent, but that fell short of estimates sinking shares, which had gained 45 percent since Alibaba went public. Ford's quarterly profit fell but beat expectations. The number two automaker forecast much stronger performance for this year, helped by fast sales of its new aluminum F-150 pick up truck. Kelley Blue Book senior analyst Karl Brauer: SOUNDBITE: KARK BRAUER, SENIOR ANALYST, KELLEY BLUE BOOK (ENGLISH) SAYING: "It looks like the F-150 which is just going to start to get up to full production in like the next month or so is being well received. It looks like there is plenty of orders coming in for it." Investors filling their carts with stocks of handbag makers. Kate Spade sees its full-year sales jumping 40 percent on higher demand for its luxury handbags. Strong demand for Poppy handbags helped rival Coach post quarterly profit that easily topped expectations. Investors cheered news that McDonalds's CEO Don Thompson is out after one of the chain's worst years in decades. Jobless claims dropped to their lowest level in 15 years last week. But increasing home prices discouraged buyers, causing pending home sales to fall more than expected last month. In Europe, the major indexes closed mixed, though Greek shares stage a rebound.

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Amazon stock jumps on earnings beat

Thursday, January 29, 2015 - 02:03

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