Why Amazon Is Jumping Higher Today
Shares of Amazon.com (NASDAQ: AMZN) were rising almost 5% in afternoon trading Tuesday following an analyst upgrade on the stock after its recent pullback and rumors that its annual Prime Day sales event was imminent.
Amazon, along with other numerous tech stocks, exhibited significant weakness in recent days, which helped cause the market indexes to fall sharply from their highs. Yet Bernstein analyst Mark Shmulik said Amazon's "dominant share position" will only become more prominent as the retail sector normalizes. Because of the strategic gains the e-commerce giant has made in grocery and shopping, the pullback in its stock creates an "attractive entry point."