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With $200 Billion, Amazon May Deliver Biggest Single-Day Gain In US History


Search



BusinessGlobal MarketsWith $200 Billion, Amazon May Deliver Biggest Single-Day
Gain In US History


WITH $200 BILLION, AMAZON MAY DELIVER BIGGEST SINGLE-DAY GAIN IN US HISTORY


AMAZON IS POISED TO ADD NEARLY $200 BILLION IN MARKET VALUE IF THE STOCKS 14%
GAIN IN AFTER-HOURS TRADING FOLLOWING THE COMPANY'S FOURTH-QUARTER EARNINGS
REPORT HOLDS TO FRIDAYS CLOSE.

Global Markets(c) 2022 BloombergJeran Wittenstein and Tom Contiliano,
BloombergUpdated: February 04, 2022 11:57 am IST


Amazon's gains come after the stock suffered its worst day since March 2020.




Amazon.com Inc. is giving the market back what Meta Platforms Inc. just took
away -- or at least some of it. 

The e-commerce giant is poised to add nearly $200 billion in market value if the
stock's 14% gain in after-hours trading following the company's fourth-quarter
earnings report holds to Friday's close. That what would be the biggest
single-day gain in U.S. stock market history coming just a day after Facebook
parent Meta Platforms Inc. entered the other end of the record book with a $251
billion wipeout. 



The surge in Amazon's stock price came after sales in its cloud computing
business beat Wall Street estimates and the company raised the price of Amazon
Prime subscriptions, alleviating some concerns about the impact of cost
increases on profitability. Those elements overshadowed forecasts for sales and
operating profit in the current quarter that fell short of expectations.

Amazon's gains come after the stock suffered its worst day since March 2020, as
Meta's earnings flop raised fears about Big Tech's financial results. The 7.8%
decline in Thursday's regular session wiped out $119 billion in market value for
the Seattle-based company.

Apple Inc. set the current record for added market value last week after it
gained about $179 billion on the day after its earnings report. 

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A $200 billion gain for Amazon would be bigger than the market values of more
than 90% of the companies in the S&P 500 Index, according to data compiled by
Bloomberg.

(Except for the headline, this story has not been edited by NDTV staff and is
published from a syndicated feed.)



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