Crest View International, wealth management company has reported on American multinational technology company, Amazon Inc. as the company’s stock rallied over 7.4% on Friday.
The recent uplift within the company’s stock price was due to higher than expected earnings results that were published, pushing Amazon back towards the one trillion U.S. dollar market valuation.
“Amazon’s stock price had been above the one trillion dollar milestone for the majority of Friday, however, due to negative daily market sentiment it prompted the stock to slightly decline leaving it at $999.96 per share.” Commented Michael Kennedy, Head of Corporate Trading at Crest View International.
Analysts from Crest View International had highlighted that in general market sentiment towards Amazon remained enthusiastic, suggesting that the company would be poised to cross the milestone again in the upcoming weeks. Apple Inc and Microsoft Corp both have market values that exceed a one trillion dollar market cap, Alphabet Inc also crossed this valuation but then fell through towards the end of the trading session.
Friday posed as a challenging day for investors on Wall Street; however, Amazon surpassed its retail competition with more users signing up for its Prime service during the holiday period. Additional subscribers exceeded estimates with both sales and profits increased significantly.
Analysts and researchers from Crest View International had stated that client sentiment towards Amazon had embraced the news as a positive sign adding around $70 billion U.S. Dollars to its market valuation, its annual profit rising to $11.59 billion, 15% higher than 2018.
“We see Amazon has entered into a new decade of profitability, a company set to generate a significant amount of capital. The most impressive highlight was that the fourth quarter saw over $55 billion in cash and marketable securities.” Added James Turner, Director of Sales & Trading at Crest View International.