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Amazon has the leading US e-commerce share. Amazon sells its own products (49% of paid units in 4Q17) and 3rd party products (% fees based on category), and offers fulfillment services for 3rd party products (FBA) incl. warehousing, pick & pack, payment processing, & supply chain management (additional fees). In 2017, NA was 60% of sales with 2.7% OM, Int'l was 31% of sales with -5.6% OM, and AWS was 10% of sales with 24.8% OM. Int'l margins are being weighed down by investments in emerging markets particularly India. In 2017, US, Germany, UK, and Japan were 90% of sales. Amazon Prime ($99/yr) was up by tens of millions of members in 2016, after being up 51% in 2015 and 53% in 2014 on a base of tens of millions members. Amazon Prime offers free 2-day shipping, Prime Video, streaming music, and other benefits. In 2006, Amazon launched AWS and is now a leader in cloud computing. Amazon sells its own devices (e-reader, smart speaker, streaming media player). Amazon has 254 mn sq. ft. of property at YE 2017 (primarily leased). (18 Apr 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

NYC: Amazon Arrival not a Near-Term Credit Event

Worth Watching: 14 Nov 2018, 2:21 PM ET - NYC and the metropolitan Washington, D.C. areas may have solidified their respective stature as high technology hubs with this week's announcement that they will be sharing in the extension of Amazon's corporate operations.  Over time the senior d ..

Amazon: Moody's Upgrades to A3, Positive Outlook

Worth Watching: 09 Nov 2018, 9:27 AM ET - Amazon (A3/AA-) was upgraded by Moody's from Baa1 to A3 for its long-term rating including its senior unsecured bonds, and the outlook is positive. The agency cited improvements in operating performance and credit metrics including a reduction in ..

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

AMZN: Street is Overlooking Soaring Profitability

Earnings Note: 25 Oct 2018, 10:15 PM ET - We are not concerned by Amazon’s top line deceleration, which is partially driven by lapping the Whole Foods acquisition, and we view the significantly improved profitability as a credit positive.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Amazon 2Q18: Profitability Soaring

Earnings Note: 26 Jul 2018, 9:55 PM ET - Amazon’s profitability soared as the company had margin improvements in all 3 segments, and the guidance implies continued earnings strength next quarter.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

Amazon: PillPack Acquisition Implications

Worth Watching: 28 Jun 2018, 11:10 AM ET - Amazon announced that it entered into a definitive agreement to acquire PillPack, which is expected to close during 2H18 subject to regulatory approvals and other customary closing conditions. Terms were not disclosed, although Walmart was rumo ..

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

Supreme Court: Online Sales Tax Ruling Implications

Worth Watching: 24 Jun 2018, 10:35 PM ET - Supreme Court: The Supreme Court ruled on Thursday in favor of South Dakota (in South Dakota v. Wayfair), giving states the authority to require out of state online retailers to collect and remit sale taxes to the state.  Previously, states could ..

U.S. P&C Insurance: Amazon Ponders Homeowners

Sector Analysis: 07 Jun 2018, 11:01 AM ET - Amazon is considering entry into the U.S. Homeowners’ insurance market according to recent press reports. While Amazon has some compelling advantages, we are skeptical AMZN has interest in such a highly regulated market.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

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