Amazon.com targets another strategic business

Article Excerpt

Amazon.com has now jumped to a new all-time high for our subscribers. That includes a 97% bounce from the bottom it reached during the recent downturn. AMAZON.COM INC. $3,099.91, is a Power Buy. The company (Nasdaq symbol AMZN; TSINetwork Rating: Average) (www.amazon.com; Shares o/s: 498.8 million; Market cap: $1.6 trillion; No dividends paid) is now buying Zoox, a company specializing in the development of self-driving vehicles. At a reported $1.2 billion, the acquisition is one of the company’s largest ever. Zoox aims to build a self-driving passenger vehicle from the ground up, along with the required software and artificial intelligence (AI). Amazon has shown interest for some time in autonomous vehicles, in part to bring more of its delivery services in house. Amazon says Zoox will continue to be led by its current CEO Aicha Evans. Zoox hired Evans away from Intel in early 2019. This latest acquisition demonstrates Amazon willingness to enter new areas with a focus on gaining significant market share—rather than profits. That’s mainly because…