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T3's Take 3: Amazon Hits Record High on Bullish Analyst Report


Today's financial recap and tomorrow's financial outlook.

AMZN feels the love on Singles Day

Investment bank Morgan Stanley (MS) upped its target price on (AMZN) to $800 from $750 this morning.

The bump in target is largely due to the increasing opportunity in Amazon Web Services, which MS sees as generating around 60% of the company's future earnings.

In reaction to the report, Amazon hit an all-time intraday high of $675.96. 

However, Morgan Stanley's $800 target is not unique. According to Bloomberg data, four other banks have an $800 target an Amazon, which is the highest on the street.

Amazon finished the day up 2.2% at $673.86.

Amazon shares are up 117.1% year-to-date vs. just 7.0% for the NASDAQ Composite.

China Back on the Radar

Overnight, economic data from China came in mixed. Industrial output rose 5.6%, the slowest growth since 2008, missing the 5.8% consensus. It also represented a deceleration from last month's 5.7%.

The silver lining was that retail sales rose 11%, edging out the 10.9% consensus.

On top of that, foreign direct investment rose 4.2% which was a miss vs. expectations, and a big slowdown from last month's 7.1%.

This comes amid China's recent dip below the government's 7% GDP target.

However, Chinese markets were higher on expectations of even more stimulus, which is likely why we did not see profit-taking after a 20%+ run in the Shanghai Composite.

In fact, according to a news report from, China may up the size of its local government bond swap program by up to 25%.

US Markets

Trading was relatively slow today due to the Veteran's Day holiday. The bond market was closed.

The S&P 500 traded in a ftairly tight range all day before finishing at 2075.00, down 0.3%.

Housing stocks showed tremendous relative strength for the second day in a row. 

Energy was a major weak spot as crude oil fell 2.5%. The Energy Select SPDR ETF (XLE) dropped 2.1%.

Pharmaceutical stocks were also down big, led by the embattled Valeant Pharmaceuticals (VRX) and Mallinckrodt (MNK).

Small caps were another weak spot, with the Russell 2000 shedding 0.8%.

Thursday's Financial Outlook

Jobless claims, JOLTS jobs openings, and crude oil inventories will be reported tomorrow.

Overseas, German and Euro-Zone CPI numbners will be released, along with the Canadian New Housing Price Index

In earnings, Advanced Auto (AAP), Viacom (VIAB), Applied Materials (AMAT) and Cisco Systems (CSCO) report earnings.
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