Amazon is surging after a well-received earnings report.
The eCommerce giant reported a ($0.20) per share loss in Q2, marking a second consecutive quarter with a net loss for the company.
Analysts expected a $0.12 per-share profit.
Revenues grew to $121.23 billion from $113.08 billion a year earlier and managed to top the Street's $119.14 billion target.
Amazon's Q3 guidance also fell in line with Wall Street's expectations.
AMZN is the most active S&P 500 stock, and it's leading the large-cap index with a 12.5% gain on the news.
Our Take: It looks like Amazon is having profitability issues, and it's likely that rising fuel costs and inflation weighed heavily on the massive companies bottom line.
Despite its recent struggles, Amazon still has a P/E above 100, but the company could be a good long-term buy at this level if you have the patience to wait out any short-term volatility.
CHW Acquisition Corp [CHWA] - Last Close: $9.25
CHW Acquisition is taking off after a shareholder vote.
The consumer-focused SPAC is breaking out after shareholders voted to approve the firm's proposed merger transaction with WagLabs Inc, an American pet services marketplace.
At the company's general meeting, 94.60% of shareholders voted in favor of the business combination.
Upon closing, CHWA will trade under the new ticket PET, and warrants will trade under the symbol PETW.
CHWA is up 13.4% on the news.
Our Take: SPAC fever has long since passed, but there are still a few gems out there floating around. I don't know if this is one of them, but today's pop will certainly provide some welcome relief for the SPAC's shareholders. If you're bullish on pet services, now might be a good time to get in this one for cheap.
