Amazon, Super Micro, Disney, Cisco and Burberry

On By Littum

E-commerce company Amazon on Wednesday launched the beta in the US for a new discount store, Amazon Haul, focused on selling items for $20 (£15.82) and under.

The move positions Amazon to better compete with Chinese discount shopping sites Temu and Shein.

In one blog post on Wednesday, Amazon said the storefront will offer fashion, home, lifestyle and electronics products, among other things, which are backed by its A-to-Z guarantee and will have delivery times of one to two weeks.

Amazon said that while all items are priced at $20 or less, most are $10 and under, while some are as low as $1.

Read more: FTSE 100 LIVE: Shares fall as Reeves to announce UK pension mega-fund plan

Dharmesh Mehta, vice president of worldwide merchant partner services at Amazon, said, “It’s early days for this experience, and we’ll continue to listen to customers as we refine and expand it in the coming weeks and months.”

Amazon shares rose after the announcement, closing Wednesday’s session up 2.5 percent.

This latest news comes after Amazon recently posted third quarter revenue and earnings per share. stock that came in above Wall Street’s expectations.

Shares of embattled server maker Super Micro Computer fell 6% in Wednesday’s session and fell nearly another 9% in premarket Thursday.

The latest drop in shares came after Super Micro said it would be delay submission of its financial report for the September quarter, after also failing to file its annual, with concerns that the company could now be delisted from Nasdaq (^IXIC).

Ernst & Young (EY) recently resigned as Super Micro’s auditor, saying it was “no longer able to rely on the representations of management and the audit committee and to be unwilling to be associated with the accounts prepared by management”.

Read more: Pound, gold and oil prices in focus: commodity and currency check, 14 November

Super Micro said in a statement that it disagreed with EY’s decision and was “working diligently to select new auditors”.

EY’s resignation came two months after a report by Hindenburg Research alleged i.a“accounting manipulation” at Super Micro.

Disney shares were muted in premarket trading Thursday morning before the company released its financial results earnings in the fourth quarter.

The focus of this set of results will be on whether Disney can sustain recent momentum in streaming and stabilize demand in its parks business after lagging in the previous quarter.