Why Amazon Stock Was Trading Lower on Friday
Shares of Amazon (NASDAQ: AMZN) were trading down 1.8% at 11:35 a.m. ET on Friday after the company signed an agreement to acquire iRobot (NASDAQ: IRBT) for $1.7 billion. It's an all-cash transaction that comes to $61 per share for iRobot.
While iRobot won't move the needle for the e-commerce giant's massive business operations spanning retail, cloud services, advertising, and other services, the combination should be a perfect match and plays to both companies' strengths.
Amazon already sells iRobot products through its online store and integrates them with its Alexa voice assistant. The two companies share a passion for investing in innovative new products that bring immense value to consumers. In iRobot's case, that involves saving people time.
Source Fool.com
