Amazon shares close lower on Friday, German and Spanish Amazon employees walk off the job on Black Friday

Employees at Amazons logistic centers in Germany and Spain reportedly went out on strike on Black Friday, the discount spending spree that marks the beginning of the holiday shopping season.

Amazon shares closed lower for the ninth time in the past eleven trading sessions on NASDAQ on Friday. The stock went down 0.97% ($14.67) to $1,502.06, after touching an intraday high at $1,535.56 and an intraday low at $1,502.06.

Shares of Amazon.com Inc have surged 28.44% so far in 2018 compared with a 1.54% drop for the benchmark index, S&P 500 (SPX).

In 2017, Amazon’s stock rose 55.96%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

According to Amazon Germany, 620 workers took part in the walkouts at its facilities in Bad Hersfeld and Rheinberg. However, most of the companys staff there continued working and client orders remained unaffected, Amazon said.

According to Reuters, German Verdi services union had called for Amazon employees to walk off the job for 24 hours until midnight on Friday, with main demands being higher wages and better labor contract conditions.

Amazon said that the starting salary for its personnel in Germany was EUR 10.78 per hour, while the average monthly pay was EUR 2,397 after two years.

Meanwhile, Amazon employees at its San Fernando de Henares facility in Spain also went out on strike on November 23rd. Spanish unions said that 85% to 90% of Amazons staff participated in the walkouts. On the other hand, Amazon Spain said those numbers were far from reality, as most of its staff were engaged in order processing.

According to CNN Money, the 45 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $2,133.24, with a high estimate of $2,943.30 and a low estimate of $1,900.00. The median estimate represents a 42.02% upside compared to the closing price of $1,502.06 on November 23rd.

The same media also reported that 41 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:

Central Pivot Point – $1,501.08
R1 – $1,582.17
R2 – $1,662.27
R3 – $1,743.36
R4 – $1,824.44

S1 – $1,420.98
S2 – $1,339.89
S3 – $1,259.79
S4 – $1,179.68