AMZN Stock Climbs 0.15% as Amazon Takes Coronavirus Precautionary Measures at Warehouses

UTC by CoinSpeaker Staff · 3 min read
AMZN Stock Climbs 0.15% as Amazon Takes Coronavirus Precautionary Measures at Warehouses
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Amazon is taking measures to protect workers from novel coronavirus. Amazon (AMZN) stock has continued to rise to pick up from yesterday’s levels.

Amazon.com Inc (NASDAQ: AMZN) has begun to bow to demands of the workers union and the plea from New York legislators who requested that the firm puts in place more coronavirus protection for workers at the warehouse. At the same time, AMZN stock is moving up.

Recent reports state that Amazon Inc. is now beginning plans to roll out temperature checks and face masks for workers in all workers in U.S.and European warehouses alongside food stores by next week.

Following reports that Amazon workers are beginning to contract the novel coronavirus, the firm said they would start testing employees in their thousands for fever, which are primary symptoms of coronavirus. The firm spokesperson in an interview said they would use no-contact forehead thermometer at site entrances and send anyone with over 38 Celcius back home.

The spokesperson revealed that all warehouses would have surgical masks as the firm already ordered millions of it weeks ago. However, particle blocking nose mask the firm ordered will be sold to the government and healthcare firms.

The company will use machine learning monitor, building cameras to ensure that workers at work practice social distancing while on duty as with these plans, Amazon is trying to downplay the spread of coronavirus its workers’ risk to contract daily.

Dave Clark, Amazon’s senior vice president of worldwide operations, said the company has prioritized worker safety and changed more than 150 processes to do so. To promote social distancing, Amazon has already staggered warehouse work start times and ended stand-up meetings during shifts.

“Nothing is more important to us than making sure that we protect the health of our teams,” Clark said on Thursday.

As part of precautionary measures, Amazon is going to take also is mandatory paid 14-day quarantines for employees who test positive, as well as increased cleaning and sanitation efforts of facilities and infrastructure.

Reportedly, in some of Amazon’s facilities, staff have started being tested for their temperature as the firm increases the workforce also to enhance the increasing need for workers in warehouse facilities. Amazon already announced plans to hire about 100,000 new workers to take care of rising demands as the firm said they have now hired 80,000 new hands.

The tech giant owns over 700 facilities in its U.S. and European distribution network, as per a report from logistics consultancy MWPVL International Inc and own 508 whole-food stores according to the grocer’s website.

Amazon (AMZN) Stock Is Rising amid Coronavirus, Analyst Says It’s Time to Invest

As of press time, while coronavirus is spreading Amazon (AMZN) stock rose by another 0.58% picked up from where it was on Thursday and was trading at $1,918.33. On Thursday Amazon stock recorded a rise of 0.36% and traded at $1,914.50. Today as the market opened, AMZN is up 0.15%.

5-star analyst Victor Anthony believes that Amazon (AMZN) is well set up to weather the coronavirus storm even amidst pressure it faces from all angles. Anthony thinks that with Amazon Web Services (AWS) growth, the company “is one of the best investments for the next five years.”

In his analysis, Amazon shares along with a $2,525 price target, which implies nearly 30% upside from current levels, and according to cloud costs managing company Vangal, AWS should see revenue grow between 37% and 39% in 1Q20 compared to 34% in 4Q19.

Anthony notes how cloud companies are the beneficiaries of “increased in-home entertainment services, business communications, and more healthcare and government utilization.” Amazon’s “footprint and set of services” are what sets the company apart.

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CoinSpeaker Staff
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