Amazon and its Sava business have been in a tailspin for a few months now.
Amazon has suffered massive losses in the past few quarters, while Sava has struggled to make money on its hardware business.
That’s put pressure on Amazon to spin off some of its hardware businesses, and Svana has been looking to do so.
But Amazon’s latest quarterly financial results revealed that the company is still on the fence about whether to spin Sava off, which would likely be a major blow to Sava’s bottom line.
The stock market’s price action on Wednesday morning was all about whether Amazon’s stock should spin off Sava or not.
The Sava stock price is currently up $10.17, or 0.5%, to $27.27, a little under $10 higher than the analyst consensus of $26.57.
The company is expecting to report earnings on July 19, which is still three days away.