Shares of Amazon.com Inc. shot up 3.6% in morning trading Thursday, extending a recent surge that has resulted in back-to-back record closes, as the company has been adding jobs in response to increased e-commerce demand as the COVID-19 pandemic has resulted in stay-at-home mandates. The stock has now run up 25.4% over the past eight sessions, while the Nasdaq Composite has gained 14.6% over the same time and the Dow Jones Industrial Average has advanced 10.6%. J.P. Morgan analyst Doug Anmuth said Amazon remains his "top idea," and is positive on the stock into earnings despite the recent sharp rally. "[Amazon] is not only the leading stay-at-home beneficiary in our sector, but also the best operator and best positioned for the long term, in our view," Anmuth wrote in a note to clients. "Beyond the near-term benefits, we believe that [Amazon] will gain incremental share of both total retail and online retail in the downturn, as was the case in 2008-2009." He said the company has helped accelerate the adoption by consumers of shopping online for groceries and household items. Amazon is projected to report first-quarter results on or about April 23, according to FactSet. Read More...
Shares of Amazon.com Inc. shot up 3.6% in morning trading Thursday, extending a recent surge that has resulted in back-to-back record closes, as the company has been adding jobs in response to increased e-commerce demand as the COVID-19 pandemic has resulted in stay-at-home mandates. The stock has now run up 25.4% over the past eight sessions, while the Nasdaq Composite has gained 14.6% over the same time and the Dow Jones Industrial Average has advanced 10.6%. J.P. Morgan analyst Doug Anmuth said Amazon remains his “top idea,” and is positive on the stock into earnings despite the recent sharp rally. “[Amazon] is not only the leading stay-at-home beneficiary in our sector, but also the best operator and best positioned for the long term, in our view,” Anmuth wrote in a note to clients. “Beyond the near-term benefits, we believe that [Amazon] will gain incremental share of both total retail and online retail in the downturn, as was the case in 2008-2009.” He said the company has helped accelerate the adoption by consumers of shopping online for groceries and household items. Amazon is projected to report first-quarter results on or about April 23, according to FactSet.
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