Where Will Amazon Stock Be in 3 Years?
Thanks to better-than-expected third-quarter sales and earnings results, as well as an aggressive outlook for continued investments in artificial intelligence (AI), Amazon (NASDAQ: AMZN) closed out October with a bang, surging to a new all-time high and boosting its market cap to $2.6 trillion.
The record high is noteworthy because only a week before, the Seattle-based e-commerce and cloud computing giant was lagging its peers in both the Consumer Discretionary Sector SPDR Fund (NYSEMKT: XLY) and the SPDR S Retail ETF (NYSEMKT: XRT) for most of this year. But thanks to its late-month double-digit rally, it pushed back into the lead.
Although Amazon is still trailing the S 500 this year, that gap has been narrowed to roughly 5 percentage points as of the close of trade on Oct. 31.
Source Fool.com
