Amazon Stock Looking to Join the Elite Club of Four-Digits

It is not quite there yet, but e-commerce giant Amazon saw its share prices near the $1,000 mark in trading on Friday, but then retreated just south of $996.

Another technology stock from a leading company in the industry closing in on four digits is Alphabet which is sitting currently at $971 and sneaking up on Amazon.

Shares of Amazon were very close during the Friday morning trading hours reaching to just above the price of $998, prior to fading. The stock is currently benefitting from news around the world that has bene positive, which has been at the expense of traditional retailers.

Department stores such as Macy’s have posted earnings for the quarter that were poor and moved to close stores, while Amazon’s results remained very strong, with revenue for the first quarter up over 23%.

The core e-commerce business for Amazon propelled its sales growth as well as its cloud computing, Amazon Web Services.

Amazon booked its eighth straight quarter with profit. At the same time, it introduced digital assistant and physical stores.

Google also has benefitted from its recent unveiling of a new tool known that Google Attribution, which is set up to tell advertisers what the likelihood is their ads will help drawn in purchases.

The online giant revealed as well that it has data on 70% of all credit card transactions in the U.S., which bolsters the ability to target ads that are relevant to customers.

Berkshire Hathaway the conglomerate owned by Warren Buffett is well in front of the other two, with share prices of $247,996 it is the most expensive all time stock.

Just four stocks on the exchanges in the U.S. are valued at above $1,000. The list of four was compiled by Bespoke Investment group and required that the companies have a minimum market value of $500 million and trade a minimum of 250 shares per day.

Besides Berkshire, NVR the homebuilder, Priceline the booking service online and Seaboard a company with diverse businesses that include poultry and pork production as well as maritime transportation.

Amazon stock has taken off of late thanks to its dominance in e-commerce and now is turning profits on a regular basis whereas before it was investing during the quarter on infrastructure.

Be the first to comment on "Amazon Stock Looking to Join the Elite Club of Four-Digits"

Leave a comment

Your email address will not be published.