Amazon.com, Inc. (AMZN) Stock Turns Bullish On Breakout Momentum

AMZN stock is on fire this morning as Amazon.com, Inc. (NASDAQ:AMZN) is all set to report its first-quarter earnings tomorrow. The stock has gained over $100 since Monday on speculation that the company might consider a long-awaited stock split.

Amazon.com, Inc. (AMZN) Stock Turns Bullish On Breakout Momentum

Practically speaking, a stock split does not change anything fundamentally, but it definitely boosts investors’ confidence as several retail traders may not be able to trade AMZN stock right now because of its high value.

Today’s rally is also boosted by a 5.50% jump in Alphabet Inc (NASDAQ: GOOGL) after reporting robust first-quarter earnings and came well ahead of analysts’ estimates.

Amazon is a rock star. It’s always been gaining market share at the expense of brick-and-mortar chains, but last year the pandemic found it playing at an entirely different level.

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There is no doubt that investors are buying AMZN stock aggressively ahead of earnings and after results, it would be interesting to see how the stock will move. But expect a large move tomorrow.

Analysts are estimating the company to report a 38% growth in revenue for the latest quarter.

At the time of writing. AMZN stock is up by 1.45% at a session high of $3467. The stock is just 2.50% away from its all-time high of $3552.25.

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So will AMZN stock hit a new record high as GOOGL stock did following earnings? Let’s hope for the best.

 

 

Alex Krakowsky

Editor in Chief. Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life