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Amazon CEO Andrew Gacy. Carter Smith/Bloomberg
Talk about having a nice day.
Monday marked the first day in the job for new Amazon.com CEO Andy Gacy, who succeeded founder Jeff Bezos on the company’s 27th anniversary. Jassy, who has been with Amazon.com (stock ticker: AMZN) for 24 years, ran the company’s Amazon Web Services business. Bezos remains the company’s CEO, largest shareholder, and astronaut.
In recent trading, Amazon shares rose 4.2%, at $3,657.60, hitting a new intraday high. If gains are held, it would be Amazon’s first new closing rally since September 2020. The stock is up about 12% year-to-date, trailing a 15% return on the S&P 500. Amazon shares are up about 19% over the past 52 weeks. According to Dow Jones Market Data, Amazon was the top performing stock in both the S&P 500 and Nasdaq 100 this morning.
As Barron noted in his Tech Trader column over the weekend, Jassy came to the job as Amazon sees additional antitrust scrutiny — and impressive financial performance. In the first quarter, sales grew 44% compared to the previous year, the fastest quarterly growth since 2011. With rising demand, Amazon employed more than 500,000 people in 2020, bringing the total number of employees to more than 1.3 million.
A jump in Amazon shares on Tuesday gave a massive $65 billion boost to the company’s market value — talking about a massive vote of confidence. Amazon is now worth $1.8 trillion, trailing only Apple (AAPL) and Microsoft (MSFT) in size among US listed companies.
Write to Eric J. Savitz at [email protected]
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiR2h0dHBzOi8vd3d3LmJhcnJvbnMuY29tL2FydGljbGVzL2FtYXpvbi1zdG9jay1hbGwtdGltZS1oaWdoLTUxNjI1NTg1MTUy0gFLaHR0cHM6Ly93d3cuYmFycm9ucy5jb20vYW1wL2FydGljbGVzL2FtYXpvbi1zdG9jay1hbGwtdGltZS1oaWdoLTUxNjI1NTg1MTUy?oc=5 The mention sources can contact us to remove/changing this article |
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