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Italy fines Amazon record $1.3 billion for abuse of market dominance

Italy fines Amazon record $1.3 billion for abuse of market dominance

Amazon (NASDAQ:AMZN) is trading flat at 3523.16 

Italy’s antitrust watchdog said on Thursday it had fined Amazon (NASDAQ:AMZN) 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, in one of the biggest penalties imposed on a U.S. tech giant in Europe.

Amazon said it “strongly disagreed” with the Italian regulator’s decision and would appeal.

Global regulatory scrutiny of tech giants has been increasing after a string of scandals over privacy and misinformation, as well as complaints from some businesses that they abuse their market power.

Italy’s watchdog said in a statement that Amazon had leveraged its dominant position in the Italian market for intermediation services on marketplaces to favour the adoption of its own logistics service – Fulfilment by Amazon (FBA) – by sellers active on Amazon.it.

The authority said Amazon tied to the use of FBA access to a set of exclusive benefits, including the Prime label, that help increase visibility and boost sales on Amazon.it.

“Amazon prevents third-party sellers from associating the Prime label with offers not managed with FBA,” it said.

On technical fronts Amazon (NASDAQ:AMZN) RSI stood at 43.16 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Amazon (NASDAQ:AMZN) – BUY: 3520.03, TARGET: 3540.34, STOP LOSS : 3498.52

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