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Amazon (AMZN) to Create 1,600 Jobs in Michigan Facility
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Amazon.com Inc. (AMZN - Free Report) , world’s largest online retailer, has announced plans of opening a new facility in Romulus, Michigan.
The company plans to invest up to $140 million and add 1,600 full-time jobs at the new facility.
In the last two years, shares of Amazon have steadily treaded higher. The stock has returned 123.3% compared with the Electronic Commerce industry’s gain of 69.7%.
Details
Reportedly, Amazon has been granted $5 million by the Michigan Strategic Fund for its Michigan Facility.
The grant will partially help the company to offset some of its major expenses including road widening, resurfacing and building a new road for the 84-acre site.
However, this is not the first time that Amazon has been granted funds by Michigan Strategic Fund. In 2016, the Michigan Strategic Fund authorized a grant of $7.5 million to Amazon for its Livonia project. That warehouse is still under construction and is expected to create 1,000 jobs once operational.
Amazon expects to hire 100,000 workers in the next 18 months, making its total U.S. workforce more than 280,000. Currently, Amazon has more than 75 fulfillment centers in North America and at least 149 worldwide.
Shevaun Brown, Amazon spokeswoman, said, “Amazon is constantly investigating new locations to support the growth and increase the flexibility of its North American network to address customers' needs." She further added "Amazon is not yet commenting on any specific plans in Michigan."
Amazon has been strengthening its presence across the globe. To date, it has created millions of full-time jobs and continues to hire manpower to meet growing customer demand.
We feel, Amazon must maintain its U.S. market share while expanding globally to retain its leading position. For this, the company needs to invest more in fulfillment as well as technology and content, especially in international markets with less penetration and higher growth rates.
Though increased expenses may hurt the company’s bottom line in the near term, we believe this is necessary for the company to maintain its dominance in this highly competitive market.
Zacks Rank and Stocks to Consider
Currently, Amazon has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include KLA-Tencor (KLAC - Free Report) , Applied Materials (AMAT - Free Report) and Advanced Energy Industries, Inc. (AEIS - Free Report) . While KLA-Tencor and Applied Materials sport a Zacks Rank #1 (Strong Buy), Advanced Energy Industries, Inc. carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
KLA-Tencor delivered a positive earnings surprise of 11.55%, on average, in the last four quarters.
Applied Materials delivered a positive earnings surprise of 3.35%, on average, in the trailing four quarters.
Advanced Energy Industries, Inc. delivered a positive earnings surprise of 10.46%, on average, in the trailing four quarters.
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It’s hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>
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Amazon (AMZN) to Create 1,600 Jobs in Michigan Facility
Amazon.com Inc. (AMZN - Free Report) , world’s largest online retailer, has announced plans of opening a new facility in Romulus, Michigan.
The company plans to invest up to $140 million and add 1,600 full-time jobs at the new facility.
In the last two years, shares of Amazon have steadily treaded higher. The stock has returned 123.3% compared with the Electronic Commerce industry’s gain of 69.7%.
Details
Reportedly, Amazon has been granted $5 million by the Michigan Strategic Fund for its Michigan Facility.
The grant will partially help the company to offset some of its major expenses including road widening, resurfacing and building a new road for the 84-acre site.
However, this is not the first time that Amazon has been granted funds by Michigan Strategic Fund. In 2016, the Michigan Strategic Fund authorized a grant of $7.5 million to Amazon for its Livonia project. That warehouse is still under construction and is expected to create 1,000 jobs once operational.
Amazon expects to hire 100,000 workers in the next 18 months, making its total U.S. workforce more than 280,000. Currently, Amazon has more than 75 fulfillment centers in North America and at least 149 worldwide.
Shevaun Brown, Amazon spokeswoman, said, “Amazon is constantly investigating new locations to support the growth and increase the flexibility of its North American network to address customers' needs." She further added "Amazon is not yet commenting on any specific plans in Michigan."
Amazon.com, Inc. Revenue (TTM)
Amazon.com, Inc. Revenue (TTM) | Amazon.com, Inc. Quot
Our Take
Amazon has been strengthening its presence across the globe. To date, it has created millions of full-time jobs and continues to hire manpower to meet growing customer demand.
We feel, Amazon must maintain its U.S. market share while expanding globally to retain its leading position. For this, the company needs to invest more in fulfillment as well as technology and content, especially in international markets with less penetration and higher growth rates.
Though increased expenses may hurt the company’s bottom line in the near term, we believe this is necessary for the company to maintain its dominance in this highly competitive market.
Zacks Rank and Stocks to Consider
Currently, Amazon has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include KLA-Tencor (KLAC - Free Report) , Applied Materials (AMAT - Free Report) and Advanced Energy Industries, Inc. (AEIS - Free Report) . While KLA-Tencor and Applied Materials sport a Zacks Rank #1 (Strong Buy), Advanced Energy Industries, Inc. carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
KLA-Tencor delivered a positive earnings surprise of 11.55%, on average, in the last four quarters.
Applied Materials delivered a positive earnings surprise of 3.35%, on average, in the trailing four quarters.
Advanced Energy Industries, Inc. delivered a positive earnings surprise of 10.46%, on average, in the trailing four quarters.
Today's Stocks from Zacks' Hottest Strategies
It’s hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>