Amazon.com, Inc. (AMZN) Stock Gains Further Momentum, Outperforms Broader Market

Amazon.com, Inc. (NASDAQ:AMZN) stock is outperforming this morning following up on yesterday’s afternoon rally. AMZN stock is up 0.60% at $3430, crossing yesterday’s high of $3428.25.

Yesterday, the stock saw a sudden jump in the afternoon session following a tweet Fox Business’s Charles Gasparino that the company may announce a stock split on Thursday’s earnings day.

Gasparino said the move would push Jeff Bezos ahead of Elon Musk as the world’s richest person and allow Amazon to join the Dow.

Well, this is not the first time there is the expectation for a stock split, a lot of investors have been awaiting a stock split for a long time as the stock is trading with higher value.

Moreover, In follow-up tweets, the reporter notes that the stock split speculation has been going on for over a year and that he was surprised by the stock’s movement after his initial tweet, believing the news was already baked into the price.

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Amazon is all set to report its first-quarter earnings on Thursday, April 29 after the market close.

Analysts on Wall Street are estimating the company to report revenue of $104.36 billion and EPS of $9.45, an increase of 38.3% and 88.6%, respectively, year over year. The revenue estimate is slightly higher than the midpoint of management’s guidance.

 

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.

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