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Amazon Investors Unbothered As Warehouse Workers Walk Off The Job: What's Going On With The E-Commerce Giant's Stock?
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Amazon Investors Unbothered As Warehouse Workers Walk Off The Job: What's Going On With The E-Commerce Giant's Stock?
Dec 19, 2024 11:48 AM

Amazon.com Inc ( AMZN ) shares are trading higher Thursday despite thousands of workers walking off job sites in an effort to push the company to engage in contract negotiations. Amazon ( AMZN ) reportedly said it doesn’t expect operations to be impacted.

What To Know: Amazon ( AMZN ) workers at seven U.S. warehouses went on strike Thursday morning in the heart of the holiday shopping rush, per Reuters.

The International Brotherhood of Teamsters, which represents about 10,000 Amazon ( AMZN ) workers, said it was organizing the “largest” strike ever against Amazon ( AMZN ).

"If your package is delayed during the holidays, you can blame Amazon's ( AMZN ) insatiable greed. We gave Amazon ( AMZN ) a clear deadline to come to the table and do right by our members. They ignored it," said Teamsters general president Sean O'Brien

Amazon ( AMZN ) shares were actually higher by about 1.8% at the last check. Reuters reported that Amazon ( AMZN ) said it doesn’t expect the strikes to impact operations. The report indicates that unions only represent about 1% of Amazon’s employee base.

The Teamsters have “intentionally misled the public” and “threatened, intimidated and attempted to coerce” employees and third-party drivers to join them, an Amazon ( AMZN ) spokesperson reportedly told Reuters on Thursday.

See Also: US Stocks Edge Up, Micron Suffers Worst Day Since March 2020, Bond Yields Surge: What’s Driving Thursday’s Markets?

Amazon ( AMZN ) employs more than 1.5 million across the world and has said it prefers to maintain direct relationships with employees. The report suggests that Amazon ( AMZN ) is not likely to bargain with the union as such could make room for further union action.

Amazon ( AMZN ) announced in September that it would invest $2.1 billion to raise pay for its delivery service partner program workers in the U.S., upping base wages by approximately 7% to around $22 per hour.

AMZN Price Action: Amazon ( AMZN ) shares were up 1.83% at $224.49 at the time of publication, according to Benzinga Pro.

Read Next:

Amazon Has 20,000 Rivian Electric Delivery Vans In Fleet: Here’s What Could Be Next For Both Companies

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