Amazon freezes corporate hiring in retail segment - NYT
Sundry Photography/iStock Editorial via Getty Images

Amazon (NASDAQ:AMZN) has halted corporate hiring for its retail business through the end of the year, per The New York Times.
According to a memo seen by the Times, recruiters are instructed to stop hiring processes for âall corporate roles, including technology positions, globally in its Amazon stores businessâ by mid-month. There are currently about 20K openings at present in this business segment. The cloud business is not due to be impacted by the move, the report states. 
Shares of Amazon rose 4.73% on Tuesday amid a strong market bounce and bullish commentary from analysts. In particular, cost-cutting measures have been well received.
âWe believe AMZN's current stock price already embeds headwinds from a recession/ cost inflation and expect the market to attribute greater value to Core-Retail over time as cost headwinds are addressed and profitability expands,â Jefferies analyst Brent Thill told clients on Tuesday. âAMZN has already begun addressing these cost headwinds, having realized a $2B sequential cost reduction in 2Q (from 1Q), driven by cost leverage and improved route density. AMZN also expects to continue reducing costs throughout 2022, which should help drive growth in Op Income even if macro pressures cause a slowdown in sales.â
He added that he expects the cloud business to continue strong performance, buttressing his bullish outlook for the stock. Thill reiterated a âBuyâ rating on the name and assigned the stock a $165 price target.
Read J.P. Morganâs similarly optimistic outlook.