On this episode of Stock Movers:
- Amazon (AMZN) shares fall after the White House Press Secretary Karoline Leavitt said that the e-commerce company’s reported decision to display the impact of tariffs on pricing was a “hostile” act. The comments from Leavitt came after Punchbowl News reported that the e-commerce giant would “soon” begin displaying the cost of US tariffs on individual products next to the total listed price.
- Spotify (SPOT) shares tumble after the streaming company reported operating profit that missed estimates even as it saw a surge in subscribers in the first quarter Spotify said the figure was weighed down by more than €76 million in social charges, which it has defined as payroll taxes associated with employee salaries and benefits.
- UPS (UPS) shares drop after the company said it expects to cut 20,000 jobs this year and close dozens of facilities as it dramatically reduces shipments for e-commerce giant Amazon.com. UPS said the reduction in its operational workforce — a group that includes delivery drivers and package handlers — is part of a network overhaul in response to expected “lower volumes from our largest customer.”