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Amazon.com’s stock price continued to rise on Friday, closing at its highest level in more than two years.
The e-commerce giant’s shares rose 2.7% in Friday trading, ending the day at $174.45. This was the highest closing price level since December 9, 2021, when Amazon stock AMZN fell.
The closing price was $147.17, according to Dow Jones Market Data.
Do not miss it: Is Meta a value stock now?
Amazon temporarily surpassed Alphabet Inc.’s GOOG, but
Google,
Last week, it became the third-largest U.S. company by market capitalization, but has since fallen to fourth place. Still, Amazon’s stock’s recent momentum is strong enough to keep it in the top four alongside Nvidia Inc.’s NVDA.
catch up.
Alphabet closed Friday with a market capitalization of $1.86 trillion, compared to Amazon’s $1.81 trillion and Nvidia’s $1.78 trillion.
Wall Street’s reaction to big tech companies’ results this quarter was mixed, but Amazon’s results were among the more well-received.
See also: Amazon says the “magic words”. These efforts helped push the market capitalization to $130 billion.
“Overall, the overhangs that were holding AMZN stock back, including a slowdown in e-commerce in 2021, a slowdown in e-commerce and margin compression in 2022, and a slowdown in AWS in 2023, should be resolved through 2024.” wrote UBS analyst Stephen Zhu in a memo. Clients follow the results.
The company has been a major driver of earnings growth in the consumer discretionary sector of the S&P 500, with quarterly earnings per share of $1 in the latest quarter, up from 3 cents a year earlier. The Consumer Discretionary sector’s fourth-quarter EPS is expected to grow 33%, but without Amazon, it would decline about 1%, according to FactSet.
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