Diamonds and Dogs
Amazon (AMZN) still kicking butt. Amazon is up 2% approaching its 52 week high after revealing its Amazon Prime subscription program exceeds 100 million members worldwide. The analyst at GBH Insights analyst said the big round number "speaks to how powerful the Prime membership machine has become." The analyst raised his price target to $1,850 a share. Two days ago we learned Amazon will sell its own TVs with Alexa built in at all Best Buy stores. Amazon continues to take over the world.
Taiwan Semi (TSM) taking down the tech sector. The chip company is down 5% at a six month low after missing earnings estimates and guiding the current quarter below consensus. The chipmaker lowered its full-year revenue guidance on softer smartphone demand and uncertainty over the cryptocurrency mining market. Apple is trading down 2%. Taiwan Semi expects the global semiconductor industry to grow 5% this year, down from its earlier forecast of 5% to 7% growth. It sees revenue at contract chipmakers rising 8%, rather than 9% to 10% as previously forecast.
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