- The District of Columbia’s attorney general blamed has Amazon.com Inc (NASDAQ:AMZN) for manipulating wholesaler contracts to drive up product prices on other websites, protecting itself from the competition, the Wall Street Journal reports.
- The allegations added to a pending district antitrust lawsuit. The earlier complaint alleged Amazon of blocking third-party sellers from offering better deals off Amazon’s site.
- Amazon has defended its policies and filed a motion to dismiss the lawsuit.
- The amended lawsuit called out Amazon’s contracts with first-party sellers that guarantee Amazon a minimum profit and require the wholesalers to compensate Amazon for any anomalies.
- Allegedly, Amazon lowers the price of a product to match a cheaper offering on another shopping site incentivizing the wholesalers to ensure other online marketplaces don’t have lower prices than Amazon’s price.
- Price Action: AMZN shares traded higher by 0.17% at $3,463.05 premarket on the last check Tuesday.
Credit Suisse Initiates Coverage On New Relic with Outperform Rating, Announces Price Target of $78
Credit Suisse analyst Fred Lee initiates coverage on New Relic (NYSE:NEWR) with a Outperform rating and announces Price Target of $78.
