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AMAZON.COM (AMZN)
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Comeback in banks, tech lifts euro zone stocks as Steinhoff collapses

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12/07/2017 | 06:23pm CET
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

European shares edged up on Thursday as financial and tech stocks recovered, while troubled furniture retailer Steinhoff sank further, stung by an accounting scandal.

Investors recovered their risk appetite, pushing euro zone stocks up 0.2 percent, with financials the strongest sector, helping the bank-heavy Italian and Spanish markets outperform strongly with gains of 0.6 to 0.7 percent.

Euro zone stocks once again performed better than the broader pan-European STOXX 600 index as UK stocks slipped.

Euro zone banks jumped 1.1 percent, recovering after a risk-off mood dented financials in the previous session.

Banks ING, Santander, Unicredit and Intesa Sanpaolo drove gains, up 0.7 to 1.4 percent as confidence in the sector, and particularly peripheral European lenders, returned.

"In the world, the sector with the biggest potential to grow from here in earnings is probably continental European banks," said Kevin Gardiner, global investment strategist at Rothschild Wealth.

The tech sector edged up 0.2 percent, recovering slightly from several sessions of losses as investors grew more wary of highly valued parts of the market.

Sylvain Goyon, an equity strategist at France's Natixis, said the recent sell-off in technology shares was not driven by a change in the fundamentals of the sector and was not likely to last long.

"The key drivers of the industry are still there", he said.

He said a number of investors had just decided, as the end of the year neared, to cash in some profits from tech stocks which have outperformed the market. They have reinvested in cheaper financial shares, which are set to benefit from the U.S. tax cuts plan.

Some violent corporate stock swings stole the spotlight once again. Shares in Steinhoff plunged 45 percent, extending the previous session's dramatic fall after the South African retailer revealed accounting irregularities and its chief executive quit.

The stock was down 80 percent over the two sessions, knocking $12 billion off its market value.

At the other extreme, shares in Ladbrokes Coral climbed 3 percent after bookmaker GVC offered up to 3.9 billion pounds ($5.2 billion) to create a betting giant.

Also with the wind in their sails were wind turbine makers Siemens Gamesa and Vestas Wind, boosted by a note from Citi arguing renewables would account for half of global power generation capacity additions through 2030. The broker gave both stocks a "buy" rating.

Another standout performer was Europe's biggest debt collector, Intrum Justitia, up 11.4 percent after confirming an upbeat profit target.

The telecoms sector also enjoyed strong gains thanks to French operator Orange rising 2.1 percent after it set out plans to add customers and boost profit margins by investing in its networks rather than buying foreign rivals.

Deutsche Telekom, Vodafone and BT also rose 1.6 to 2.5 percent.

Carrefour meanwhile lost 2.9 percent, bottom of Paris' CAC 40 after a downgrade by Bernstein analysts who argued that recent share price gains were based on "wishful thinking" that a potential deal with Amazon was made more likely by the recent Casino-Ocado tie-up.

(Reporting by Julien Ponthus; Editing by Georgina Prodhan)

By Julien Ponthus and Helen Reid

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Financials ($)
Sales 2017 177 B
EBIT 2017 3 499 M
Net income 2017 2 106 M
Finance 2017 8 538 M
Yield 2017 -
P/E ratio 2017 273,66
P/E ratio 2018 143,09
EV / Sales 2017 3,12x
EV / Sales 2018 2,36x
Capitalization 561 B
Chart AMAZON.COM
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Amazon.com Technical Analysis Chart | AMZN | US0231351067 | 4-Traders
Technical analysis trends AMAZON.COM
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 50
Average target price 1 249 $
Spread / Average Target 7,3%
EPS Revisions
Managers
NameTitle
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
John Seely Brown Independent Director
Patricia Q. Stonesifer Independent Director
Tom A. Alberg Independent Director
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