Amazon.com, Inc. (NASDAQ:AMZN) led the Wall Street pack on Monday in a day that was driven by technology stocks making significant gains, Nicole Pitallides reports for Fox Business Network.
Calling Amazon.com, Inc. (NASDAQ:AMZN)’s day “unbelievable,” the Fox Business Network reporter reveals that the stock has hit a 52-week high on Monday.
The stock of the technology juggernaut with interests in Internet commerce and cloud services gained about $14.5 at the time Petallides was reporting. Amazon.com, Inc. (NASDAQ:AMZN) closed the day at $389.51 per share, up from its $375.56 close on Friday.
The stock hit a year-to-date high of $391.94 per share during trading on Monday.
The substantial pop comes as the company is expected to report its latest quarterly performance after markets close on Thursday, April 23rd.
Analysts are expecting that the company being captained by founder Jeff Bezos will reveal more information about the Amazon Web Services arm of its business.
Dan Ives of FBR Capital Markets recently said that Amazon.com, Inc. (NASDAQ:AMZN) and the technology industry in general needs to have more transparency when it comes to reporting quarterly company performance.
Nonetheless, it is important to note that analysts are expecting that the company will report negative earnings per share during the latest quarter. The electronic commerce giant reported profit in the fourth quarter of last year, but industry observers are of the opinion that Jeff Bezos only directed the company to make a profit just to show Wall Street that Amazon has the capacity to post positive quarterly bottom line if it wanted to.
The company has been often criticized by Wall Street, more so in the recent past quarters, for having huge capital outlays that deplete the company’s massive revenues and result in net losses on its bottom line.
Meanwhile, Petallides also noted that International Business Machines Corp. (NYSE:IBM) and Microsoft Corporation (NASDAQ:MSFT) were winners on Monday trading, a fact that investors in the company should be happy with, she says.
David Gallo’s Valinor Management LLC owned 268,130 Amazon.com, Inc. (NASDAQ:AMZN) shares by the end of 2014.
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