Why Amazon Stock Rallied on Friday
Shares of Amazon (NASDAQ: AMZN) rose on Friday morning, adding as much as 2.9%. As of 11:06 a.m. ET, the stock was still up 2.2%.
The catalyst that sent the e-commerce platform higher was increasing bullish sentiment by several Wall Street analysts.
Amazon's annual "Christmas in July" sale is in the rearview mirror, and while details are sketchy, Prime Day appears to have been a success. In a press release yesterday, the company said it "was the biggest Prime Day event ever." In keeping with tradition, Amazon released numerous highlights about the sale, without actually revealing sales figures. In the wake of Prime Day, several Wall Street analysts dropped bullish research notes, suggesting that the tide of negative sentiment toward the digital retailer may be changing.
Source Fool.com
